Lulus Announces Reverse Stock Split

Core Points - The company announced a 1-for-15 reverse stock split effective July 3, 2025, to comply with Nasdaq's minimum bid price requirement [1][2] - The reverse stock split will reduce the number of outstanding shares from approximately 41,492,767 to about 2,766,185 shares [4] - The company entered into a Forbearance Agreement with Bank of America on June 23, 2025, providing additional time to pursue alternative debt financing options [5] Reverse Stock Split Details - The reverse stock split will combine every fifteen shares into one share without changing the par value [3] - No fractional shares will be issued; stockholders will receive whole shares rounded up [3] - The authorized shares will remain unchanged at 250,000,000 shares [4] Forbearance Agreement Insights - The Forbearance Agreement will expire upon the occurrence of certain events, including any Event of Default or breach of the agreement [5] - The company has received two bona fide term sheets from reputable financial institutions for a potential refinancing transaction [5]