Tuesday Morning Corporation Announces Reverse Stock Split
November 29 2022 - 4:05PM
Tuesday Morning Corporation (NASDAQ: TUEM), a
leading off-price retailer of home goods and décor, today announced
a 1-for-30 reverse split of its common stock, par value $0.01,
effective at 5:00 p.m. Eastern time on Wednesday, November 30,
2022. Tuesday Morning’s common stock will continue to trade on The
Nasdaq Capital Market (“Nasdaq”) under the symbol TUEM and will
begin trading on a split-adjusted basis when the market opens on
Thursday, December 1, 2022. The new CUSIP number for Tuesday
Morning’s common stock following the reverse stock split will be
89904V200.
On September 28, 2022, the majority holder of Tuesday Morning’s
common stock approved a reverse stock split of Tuesday Morning’s
common stock at a ratio of not less than 1-for-20 and not more than
1-for-100, with such ratio to be determined by the Board of
Directors. The reverse stock split is primarily intended to enable
Tuesday Morning to regain compliance with the $1.00 per share
minimum bid price required for continued listing on Nasdaq.
As a result of the reverse stock split, every 30 shares of
Tuesday Morning’s issued and outstanding common stock as of the
effective time will be combined into one share of common stock. In
addition, the reverse stock split will affect a reduction in the
number of shares issuable pursuant to Tuesday Morning’s equity
awards, warrants and convertible debt outstanding as of the
effective time of the reverse stock split with a corresponding
increase in the exercise or conversion price per share. The par
value and other terms of Tuesday Morning’s common stock are not
affected by the reverse stock split, and the reverse stock split
does not reduce the company’s total authorized shares of common
stock, which remain at 200,000,000 total authorized shares of
common stock.
No fractional shares will be issued in
connection with the reverse stock split. As soon as practicable
after the reverse stock split becomes effective, the Company’s
transfer agent, Computershare, Inc. (“Computershare”), will
aggregate all fractional shares and arrange for them to be sold at
the then prevailing prices on the open market on behalf of those
stockholders who would otherwise be entitled to receive a
fractional share. After completing the sale, stockholders will
receive a cash payment from Computershare in an amount equal to
their pro rata shares of the total net proceeds of these sales.
Additional information regarding the reverse
stock split can be found in Tuesday Morning’s definitive
information statement on Schedule 14C that was filed with the
Securities and Exchange Commission on October 21, 2022.
About Tuesday MorningTuesday Morning
Corporation is one of the original off-price retailers specializing
in name-brand, high-quality products for the home, including
upscale home textiles, home furnishings, housewares, gourmet food,
toys and seasonal décor, at prices generally below those found in
boutique, specialty and department stores, catalogs and on-line
retailers. Based in Dallas, Texas, the Company opened its first
store in 1974 and currently operates 487 stores in 40 states. More
information and a list of store locations may be found on the
Company's website at www.tuesdaymorning.com.
INVESTOR
RELATIONS: Caitlin
ChurchillICR203-682-8200TuesdayMorningIR@icrinc.com
MEDIA: TuesdayMorning@edelman.com
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