Banzai announces 1-for-50 reverse stock split

Banzai announced that effective at 12:01 a.m., EDT, on September 19, 2024, the Company will effect a one-for-fifty reverse stock split of its outstanding Class A common stock. The reverse stock split is primarily intended to bring the Company into compliance with the minimum average closing share price requirement for maintaining its listing on the Nasdaq Capital Market. The Company’s common stock will continue to trade under the symbol “BNZI“. Upon the effectiveness of the reverse stock split, every fifty shares of issued and outstanding common stock before the open of business on September 19, 2024, will be combined into one issued and outstanding share of common stock, with no change in par value per share. The Company’s common stock will open for trading on Nasdaq on September 19, 2024, on a post-split basis but will trade under a new CUSIP Number, 06682J 308. As a result of the Reverse Stock Split, the Company will have 916,558 shares of Class A common stock issued and outstanding. No fractional shares will be issued as a result of the reverse stock split. Any fractional shares that would result from the reverse stock split will be rounded up to the nearest whole share.