2U Announces 1-for-30 Reverse Stock Split

Core Viewpoint - The primary objective of the Reverse Stock Split by 2U, Inc. is to increase the per share market price of its Common Stock to comply with Nasdaq's minimum bid price requirement for continued listing on The Nasdaq Global Select Market [1]. Group 1: Reverse Stock Split Details - 2U, Inc. will implement a 1-for-30 reverse stock split of its outstanding shares of Common Stock, following approval by its Board of Directors [6]. - The Reverse Stock Split is set to become effective at 5 p.m. Eastern Time on June 13, 2024, with trading on a post-split basis commencing on June 14, 2024 [7]. - Upon the effectiveness of the Reverse Stock Split, every 30 shares of Common Stock will be combined into one share, with stockholders retaining the same percentage of ownership, subject to minor adjustments for fractional shares [8]. Group 2: Shareholder Actions and Adjustments - Stockholders holding shares electronically will not need to take any action to receive post-split shares, while those with certificated shares will receive a transmittal letter with instructions for exchanging their certificates [2]. - No fractional shares will be issued; instead, holders will receive cash payments for any fractional shares [8]. - All outstanding equity awards will be proportionately adjusted in connection with the Reverse Stock Split [8]. Group 3: Company Overview - 2U, Inc. is a global leader in online education, connecting over 86 million people with thousands of learning opportunities through its platform edX, in partnership with 260 leading universities and institutions [11].