Greenlane Holdings, Inc. - GNLN STOCK NEWS

Greenlane Holdings, Inc. (NASDAQ:GNLN), a leading global seller of premium cannabis accessories, child-resistant packaging, and specialty vaporization products, has announced that its Chief Executive Officer, Barbara Sher, acquired 12,500 common shares of the company on the open market. The purchases were made between August 5th and August 9th at an average price of $2.66 per share.

This move by the CEO is viewed as a demonstration of confidence in the company's intrinsic value and growth prospects, both in the near-term and long-term. The announcement highlights the alignment of the CEO's interests with those of the shareholders, potentially signaling a positive outlook for the company's future performance.

Greenlane Holdings (NASDAQ:GNLN), a leading global seller of premium cannabis accessories, has announced a $6.5 million private placement with a single institutional investor. The company will issue 2,363,637 units and pre-funded units, each consisting of one share of common stock (or pre-funded warrant) and two common warrants. The common warrants have an exercise price of $2.50 per share and will expire after 5 years.

The private placement is expected to close on August 13, 2024, subject to customary closing conditions. Greenlane plans to use the net proceeds for working capital and general corporate purposes. Aegis Capital Corp. is acting as the Exclusive Placement Agent, with legal counsel provided by Sichenzia Ross Ference Carmel LLP for Greenlane and Kaufman & Canoles, P.C. for Aegis Capital Corp.

Greenlane Holdings (NASDAQ:GNLN) has entered a non-binding letter of intent to become the exclusive U.S. distributor of Safety Strips, Inc.'s fentanyl, xylazine, and drink spike detection test strips. These high-sensitivity tests offer powerful detection capabilities for the current opiate crisis. Safety Strips' products provide an affordable and accurate way to test substances for dangerous adulterants like fentanyl and xylazine, which are exacerbating the opioid epidemic.

The single, low-cost test strip can detect various synthetic opioids and is designed to help prevent opioid-related deaths. Greenlane plans to leverage its strong distribution, operations, marketing, and sales teams to support the brand and grow the business. This partnership aims to address the growing concern of drug-facilitated assaults and the increasing presence of dangerous drug combinations in the United States.

Greenlane Holdings (NASDAQ:GNLN) announced that its online shop, Vapor.com, has been recognized on USA Today's list of America's Top Online Shops. This recognition comes from a survey conducted in partnership with Plant A Insights, involving about 45,000 consumers and over 267,000 retailer reviews.

CEO Barbara Sher emphasized the company's commitment to delivering exceptional online shopping experiences. Vapor.com offers customers a safe, secure, and informed vaporization purchasing experience, with a focus on product quality and superior customer service.

This achievement highlights Greenlane's position as a premier global seller of premium cannabis accessories, child-resistant packaging, and specialty vaporization products, reinforcing its dedication to customer satisfaction in the e-commerce space.

Greenlane Holdings (NASDAQ:GNLN) has announced a one-for-11 reverse stock split of its Class A common stock, effective August 5, 2024. This move is primarily aimed at maintaining Nasdaq listing compliance. The reverse split will reduce the number of issued and outstanding shares from approximately 5.8 million to 0.5 million. Greenlane's stockholders approved this action at a special meeting on July 29, 2024, authorizing the board to implement a split ratio between one-for-two and one-for-20. The board chose the one-for-11 ratio on July 23, 2024. This action will affect all outstanding shares, options, restricted stock awards, warrants, and other securities, with adjustments made accordingly. No fractional shares will be issued, and stockholders entitled to fractional shares will receive rounded-up whole numbers.

Greenlane Holdings, Inc. (NASDAQ:GNLN) CEO Barbara Sher provided a corporate update in a letter to shareholders. Key points include:

• The global smoking accessories market is projected to reach $86.54 billion by 2031, growing at a CAGR of 3.70%
• Greenlane has regained compliance with Nasdaq listing requirements
• The company is reducing SG&A costs and streamlining operations
• Greenlane is working to restructure existing debt obligations to increase financial flexibility
• The company is realigning its sales and marketing organization to accelerate growth
• Greenlane is focusing on reinvigorating existing partnerships and creating new opportunities

Greenlane Holdings (NASDAQ: GNLN) announced that on May 21, 2024, it received a Nasdaq notification of non-compliance with Listing Rule 5250(c)(1) due to its failure to timely file its Quarterly Report on Form 10-Q for Q1 2024.

The company had previously received a similar notice on April 18, 2024, for not filing its Annual Report on Form 10-K for FY 2023. Greenlane has until June 17, 2024, to submit a plan to regain compliance. If accepted, Nasdaq may grant up to an additional 180 days to meet the requirements. Failure to comply could result in delisting.

Greenlane is working to submit the necessary filings as soon as possible. However, there is no assurance that the filings will be made within the 60-day window.

Greenlane Holdings, Inc. received a notification from Nasdaq regarding non-compliance with Listing Rule 5250(c)(1) due to the delayed filing of its Annual Report on Form 10-K for the fiscal year ended December 31, 2023. The company has 60 days to submit a plan to regain compliance, with a potential extension of up to 180 days if the plan is accepted.

Greenlane Holdings, Inc. (GNLN) has received a notice from Nasdaq indicating non-compliance with listing rules due to the inability to file the Quarterly Report on Form 10-Q for the period ended September 30, 2023. The company has 60 days to submit a plan to regain compliance, with a potential extension of 180 days. However, there is no assurance of plan acceptance or compliance within the extension period.