Digital Media Solutions, Inc. (NYSE:DMS) today announced that its Board of Directors approved a reverse stock split of the Company’s Class A common stock and Class B common stock at a ratio of 1-for-15. Earlier, on April 28, 2023, a majority of the Company’s stockholders approved a reverse stock split subject to the Board of Directors determining the final ratio. The reverse stock split is expected to be effective after market close on August 28, 2023 (the “Effective Time”). The Company’s Class A common stock will begin trading on a split-adjusted basis on the New York Stock Exchange (NYSE) at the market open on August 29, 2023.
At the Effective Time, every 15 issued and outstanding shares of the Company’s Class A common stock and Class B common stock will be converted automatically into one share of the Company’s Class A common stock and Class B common stock, respectively, without any change in the par value per share. Once effective, the reverse stock split will reduce the number of shares of Class A common stock issued and outstanding from approximately 40.9 million to approximately 2.7 million and Class B common stock issued and outstanding from approximately 25.1 million to approximately 1.7 million.
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