Alpine 4 Holdings, Inc. (NASDAQ:ALPP) (“Alpine 4” or the “Company”),a leading operator and owner of small market businesses, announced today that its previously announced reverse stock split (“Reverse Split”) of the Company’s common stock, par value $0.0001 per share, and all classes of corresponding common stock adjustment will become effective at 3:00 p.m. Eastern Time on May 12, 2023. The Company’s Class A common stock will begin trading on a split-adjusted basis on the Nasdaq Stock Market (“Nasdaq”) when the markets open on Monday, May 15, 2023, under the existing trading symbol “ALPP” and new CUSIP number:02083E204.
At the Company’s Annual Meeting held on April 18, 2023, upon the recommendation of the Company’s Board of Directors, the Company’s shareholders approved the Reverse Split to be implemented in a range of 1-for-1.5 to 1-for-10 shares for the shares of the Company’s issued and outstanding Class A, B and C common. As a result of the Reverse Split, every 8 shares of the Company’s issued and outstanding Class A, Class B, and Class C common stock automatically combined into one share of issued and outstanding Class A, Class B, and Class C common stock, respectively. No fractional shares will be issued in connection with the Reverse Split. Any fractional shares created as a result of the Reverse Split will be rounded up to the nearest whole share for each stockholder. The Reverse Split impacts all holders of Alpine 4 Holdings common stock proportionally and will not impact any shareholders’ percentage ownership of common stock (except for de minimis changes resulting from rounding up to the next whole shares).
The number of shares of the Company’s Class A common stock outstanding will be reduced from approximately 180,037,350 shares to approximately 22,504,669 shares.
Alpine 4 expects that the Reverse Split will increase the market price per share of the Company’s common stock, bringing the Company into compliance with The Nasdaq Capital Market’s $1.00 minimum bid price requirement.
Registered stockholders holding pre-split shares of the Company’s common stock are not required to take any action to receive post-split shares. Stockholders owning shares via a broker, bank, trust or other nominee will have their positions automatically adjusted to reflect the Reverse Split and will not be required to take any action in connection with the Reverse Split.
Additional information regarding the Reverse Split is available in the Company’s definitive proxy statement (Form DEF 14A) filed with the United States Securities and Exchange Commission on March 7, 2022.
Additionally, the Company’s Board of Directors implemented the reduction in the authorized shares of Class A Common Stock approved by the Company’s shareholders at the Company’s April 18, 2023, Annual Meeting. Effective May 12, 2023, the number of authorized shares of Class A Common Stock was reduced from 295,000,000 to 200,000,000.
