Waitr Holdings Inc. (Nasdaq: WTRH), a leader in on-demand ordering and delivery, today announced that the Company’s Board of Directors has adopted resolutions to effect a reverse stock split. At the reconvened special meeting on October 20, 2022, the Company’s shareholders approved a reverse stock split of Company common stock, within a set range, without reducing the authorized number of shares of Company common stock, if and when determined by the Company’s board of directors in its sole discretion.
The board of directors has since exercised such discretion and adopted resolutions approving a reverse stock split at a ratio of 1:20. It is expected that the reverse stock split will occur on or prior to 11:59 p.m. Eastern Time on November 21, 2022.
No fractional shares will be issued in connection with the reverse stock split. The Company’s transfer agent, Continental, will aggregate all fractional shares otherwise issuable to the holders of record of common stock and arrange for the sale of all fractional interests as soon as practicable after November 21, 2022 on the basis of the prevailing market prices of the common stock at the time of the sale. After such sale, Continental will pay to such holders of record their pro rata share of the total net proceeds derived from the sale of the fractional interests.
Trading of the Company’s common stock on the Nasdaq Capital Market is expected to continue on a split-adjusted basis when the markets open on November 22, 2022 under the Company’s new trading symbol “ASAP.” The new CUSIP number following the reverse stock split will be 930752 209.