Banzai announces one-for-ten reverse stock split

Banzai (BNZI) announced that effective at market open on July 8, the company will effect a one-for-ten reverse stock split of its outstanding Class A Common Stock and Class B Common Stock. The reverse stock split is primarily intended to increase the per share price of Banzai’s Class A Common Stock and maintain compliance with the Nasdaq minimum bid price requirement. The company’s Class A common stock will continue to trade. Upon the effectiveness of the reverse stock split, every ten shares of issued and outstanding common stock before the open of business on July 8, will be combined into one issued and outstanding share of common stock, with no change in par value per share. The company’s Class A common stock will open for trading on Nasdaq on July 8 on a post-split basis but will trade under a new CUSIP Number.