Star Equity Holdings Announces Reverse Stock Split

OLD GREENWICH, Conn., June 12, 2024 (GLOBE NEWSWIRE) — Star Equity Holdings, Inc. (Nasdaq: STRR; STRRP), a diversified holding company, announced today a reverse stock split of its outstanding shares of common stock at a ratio of 1-for-5 and that it has filed a Certificate of Amendment of the Company’s Restated Certificate of Incorporation in order to effect the Reverse Split. The Reverse Split will take effect after market close on June 14, 2024, and common shares will begin trading on a post-split basis on the Nasdaq Global Market under a new CUSIP number (85513Q301) at the open of trading on June 17, 2024. The Company’s common stock will continue to trade under the symbol “STRR”.

The Reverse Split, which was approved by an affirmative vote of the Company’s common stockholders on June 20, 2023 and subsequently approved by the Board of Directors on May 24, 2024, is intended to increase the per-share trading price of the Company’s common stock to enable the Company to regain compliance with the minimum bid price requirement for continued listing on Nasdaq.

As a result of the Reverse Split, every five pre-split shares of common stock outstanding will automatically combine into one new share of common stock without any action on the part of the holders and with no change in the par value per share of $0.0001. Additionally, the Reverse Split will proportionately reduce the number of shares of common stock available for issuance under the Company’s equity incentive plans and proportionately reduce the number of shares of restricted stock units outstanding.

The Reverse Split reduces the number of shares of the Company’s outstanding common stock (from 15,848,202 shares outstanding on June 14, 2024, to approximately 3,169,640 shares outstanding post-Reverse Split). No fractional shares or cash will be issued as a result of the Reverse Split. Owners of fractional shares outstanding after the Reverse Split will receive one full share of post-Reverse Split common stock. All stock options and warrants of the Company outstanding immediately prior to the Reverse Split will be proportionally adjusted.

Equiniti Trust Company, LLC is acting as the exchange agent for the Reverse Split. Additional information about the Reverse Split can be found in the Company’s definitive proxy statement filed with the Securities and Exchange Commission on May 18, 2023, a copy of which is available at and on the Company’s website.

About Star Equity Holdings, Inc.

Star Equity Holdings, Inc. is a diversified holding company currently composed of two divisions: Building Solutions and Investments.