Kaleyra announces 1-for-3.5 Reverse Stock Split Effective as of 12:01 am ET on March 9th
Kaleyra, Inc. (NYSE: KLR, KLR WS) has announced the effective date of a 1-for-3.5 reverse stock split of its common stock, starting March 9, 2023, at 12:01 am ET. This move follows shareholder approval on February 14, 2023. The reverse stock split will convert every 3.5 shares into one share, with no fractional shares issued. The total number of authorized shares and par values remain unchanged. Following the split, existing warrants will adjust to approximately 1,554,475 shares at an exercise price of $40.25. More details can be found in the definitive proxy statement available on their website and the SEC's site.
- Reverse stock split aimed at increasing the stock price and potentially attracting more institutional investors.
- Shareholder approval indicates confidence in company restructuring efforts.
- A reverse stock split can be perceived negatively by investors, as it may signal underlying issues with stock price performance.
- The adjustment of the warrants may lead to increased exercise prices, impacting potential dilution for current shareholders.
NEW YORK, March 9, 2023 /PRNewswire/ -- Kaleyra, Inc. (NYSE: KLR) (NYSE American: KLR WS) ("Kaleyra" or the "Company"), an enterprise Communication Platform as a Service (CPaaS) business, today announced the approved 1-for-3.5 reverse stock split of the Company's issued and outstanding common stock is effective as of 12:01 am ET on March 9, 2023.
On March 6, 2023, Kaleyra, Inc. (the "Company") announced that following shareholder approval at the Special Meeting of the stockholders held on February 14, 2023, the Company's Board of Directors has approved a 1-for-3.5 reverse stock split (the "Reverse Stock Split") of the Company's issued and outstanding shares of common stock, par value
As a result of the Reverse Stock Split, every three and one-half (3.5) shares of Common Stock issued and outstanding will be converted into one (1) share of Common Stock. No fractional shares shall be issued in connection with the Reverse Stock Split. Stockholders who otherwise would be entitled to receive fractional shares because they hold a number of shares of Common Stock not evenly divisible by the Reverse Stock Split ratio will automatically be entitled to receive an additional fraction of a share of Common Stock to round up to the next whole share.
The Reverse Stock Split will not reduce the number of authorized shares of Common Stock or change the par values of the Common Stock. The Reverse Stock Split will affect all stockholders uniformly and will not affect any stockholder's ownership percentage of the Company's shares of Common Stock (except to the extent that the Stock Split would result in some of the stockholders receiving an additional fractional share). All outstanding options, warrants, restricted stock units, and similar securities entitling their holders to receive or purchase shares of Common Stock will be adjusted as a result of the Reverse Stock Split, as required by the terms of each security.
Prior to the reverse split, Kaleyra has outstanding issued warrants listed on the NYSE American to purchase a total of 5,440,662 shares of common stock, with each whole warrant being exercisable to purchase one share of common stock at
Additional information about the reverse stock split can be found in the Company's definitive proxy statement (the "Proxy Statement") filed with the Securities and Exchange Commission (the "SEC") on January 9, 2023 which is available free of charge at the SEC's website, www.sec.gov, and on the Company's website at https://www.investors.kaleyra.com/.
About Kaleyra
Kaleyra, Inc. (NYSE: KLR) (NYSE American: KLR WS) is a global group providing mobile communication services to financial institutions, e-commerce players, OTTs, software companies, logistic enablers, healthcare providers, retailers, and other large organizations worldwide. Through its proprietary platform and robust APIs, Kaleyra manages multi-channel integrated communication services, consisting of messaging, rich messaging and instant messaging, video, push notifications, e-mail, voice services, and chatbots. Kaleyra's technology makes it possible to safely and securely manage billions of messages monthly with over 1,600 operator connections in 190+ countries, including all tier-1 US carriers. For more information, please visit www.investors.kaleyra.com.
Kaleyra Contacts
Marketing Contacts:
Zephrin Lasker
Executive Vice President, Marketing & Strategic Alliances
zephrin.lasker@kaleyra.com
Lori Perkins
Senior Director – Marketing and Communications
lori.perkins@kaleyra.com
Investor Contacts:
Colin Gillis
Vice President of Investor Relations
colin.gillis@kaleyra.com
Shannon Devine or Mark Schwalenberg
MZ North America
203-741-8811
KLR@mzgroup.us
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SOURCE Kaleyra US
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