Sunlight Financial announces 1-for-20 reverse stock split

Sunlight Financial at 11:59 p.m. Eastern Time on August 22, 2023. The company’s common stock will begin trading on a split-adjusted basis on the New York Stock Exchange when the market opens on August 23, 2023. The reverse stock split was approved by the company’s stockholders on August 11, 2023 at the company’s annual meeting of stockholders, with authorization to determine the final ratio having been granted to the company’s Board of Directors. At the effective time, every 20 issued and outstanding shares of the company’s Class A common stock will be converted into one share of the company’s Class A common stock. Once effective, the reverse stock split will reduce the number of shares of the Company’s Class A common stock issued and outstanding from approximately 86M to approximately 4.3M. Additionally, at the effective time, every 20 issued and outstanding shares of the company’s Class C common stock, which is not listed on the NYSE, will be converted into one share of the company’s Class C common stock.