Current Report Filing (8-k)
26 Janeiro 2023 - 8:04AM
Edgar (US Regulatory)
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2023-01-24
2023-01-24
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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the
Securities
Exchange Act of 1934
Date
of Report (Date of earliest event reported): January 24, 2023
REED’S,
INC.
(Exact
name of registrant as specified in its charter)
Delaware |
|
001-32501 |
|
35-2177773 |
(State
or other jurisdiction
of
incorporation) |
|
(Commission
File
Number) |
|
(IRS
Employer
Identification
No.) |
201
Merritt 7, Norwalk, CT 06851
(Address
of principal executive offices and zip code)
Not
applicable
(Former
name or former address if changed since last report)
Registrant’s
telephone number, including area code: (800) 997-3337
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under
any of the following provisions:
☐ |
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|
|
☐ |
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
|
|
☐ |
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
|
|
☐ |
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Title
of Each Class |
|
Trading
Symbol(s) |
|
Name
of Each Exchanged on Which Registered |
Common
Stock, $.0001 par value per share |
|
REED |
|
The
NASDAQ Stock Market LLC |
Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405)
or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
Emerging
growth company ☐
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 3.03 Material Modifications to Rights of Security Holders.
To
the extent required by Item 3.03 of Form 8-K, the information regarding the Reverse Stock Split (as defined below) contained in Item
5.03 of this Current Report on Form 8-K is incorporated by reference herein.
Item 5.03 Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year.
On
January 25, 2023, Reed’s, Inc., a Delaware corporation (“Reed’s” or the “company”) announced that
its board of directors approved a 1-for-50 reverse stock split (the “Reverse Stock Split”) of the company’s issued
and outstanding shares of common stock, par value $0.0001 per share. The Reverse Stock Split will become effective on Nasdaq at
12:01 a.m. Eastern Time on January 27, 2023 (the “Effective Time”), and the company’s common stock will open
for trading on the Nasdaq Capital Market on a post-split basis under the company’s existing trading symbol “REED”.
At the Effective Time, the company’s common stock will also commence trading under a new CUSIP number, 758338305.
At
the Effective Time, every 50 shares of the company’s issued and outstanding common stock will automatically convert into one share
of common stock without any change to the par value of $0.0001 per share. The amount of common stock outstanding will be reduced from
approximately 126 million shares to approximately 2.5 million shares. Proportional adjustments will be made to the number of shares of
common stock issuable upon exercise of Reed’s outstanding stock options and warrants, as well as the applicable exercise price.
At
a special meeting of shareholders held on January 24, 2023, the company’s shareholders granted the company’s board of directors
the discretion to effect a reverse stock split of the common stock through an amendment (the “Amendment”) to the company’s
Certificate of Incorporation, as amended, at a ratio of any ratio not less than 1-for-6 and not more than 1-for-50, at any time on or
prior to January 24, 2024, with the exact ratio to be set at a whole number within this range by the board of directors in its sole discretion.
Registered
shareholders holding pre-split shares of the company’s common stock are not required to take any action to receive post-split shares.
Shareholders owning shares via a broker, bank, trust or other nominee will have their positions automatically adjusted to reflect the
Reverse Stock Split, subject to such broker’s particular processes, and will not be required to take any action in connection with
the Reverse Stock Split.
No
fractional shares will be issued in connection with the Reverse Stock Split. Any fractional shares created as a result of the Reverse
Stock Split will be rounded up to the nearest whole share for each stockholder. The Reverse Stock Split impacts all holders of Reed’s
common stock proportionally and will not impact any shareholders’ percentage ownership of common stock (except as to rounding up
changes).
The
foregoing description of the Amendment does not purport to be complete and is qualified in its entirety by reference to the full text
of the Amendment, which is filed as Exhibit 3.1 to this Current Report on Form 8-K and incorporated by reference herein.
Item
5.07 Submission of Matters to a Vote of Security Holders
Final
Voting Results
At
the Reed’s, Inc. 2023 Special Meeting of Stockholders on January 24, 2023 (“2023 Special Meeting”), the stockholders
of Reed’s, Inc., a Delaware corporation (“Reed’s”) approved an amendment to the company’s Certificate of
Incorporation to effect a reverse stock split of the outstanding shares of Reed’s common stock by a ratio of not less than one-for-6
and not more than one-for-50 at any time on or prior to January 24, 2024, with the exact ratio to be set at a whole number within this
range by the board of directors in its sole discretion.
Of
the 126,039,873 shares of common stock outstanding on the record date of December 15, 2022, a total of 86,736,981 shares were
voted in person or by proxy, representing 68.8% of the votes entitled to be cast, constituting a majority and therefore more than
a quorum of the outstanding shares entitled to vote.
Votes were cast as follows:
Proposal
to approve an amendment to the company’s Certificate of Incorporation to effect a reverse stock split of the outstanding shares
of the company’s common stock, par value $0.0001 per share, by a ratio of not less than one-for-six and not more than one-for-50
at any time on or prior to January 24, 2024, with the exact ratio to be set at a whole number within this range by our Board of Directors
in its sole discretion.
FOR: | |
AGAINST: | |
ABSTAIN: |
83,055,575 | |
3,569,557 | |
111,849 |
Proposal
to approve an adjournment of the Special Meeting, if necessary, to solicit additional proxies if there are not sufficient votes in favor
of Proposal No. 1.
FOR: | |
AGAINST: | |
ABSTAIN: |
84,008,712 | |
2,637,461 | |
90,808 |
Item 9.01 Financial Statements and Exhibits.
(d)
Exhibits
The
following exhibits are being filed herewith:
SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned, thereunto duly authorized.
|
REEDS,
INC., |
|
a
Delaware corporation |
|
|
|
Dated:
January 26, 2023 |
By: |
/s/
Thomas J. Spisak |
|
|
Thomas
J. Spisak, |
|
|
Chief
Financial Officer |
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