Item 5.03 Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year.
As previously disclosed, 2U, Inc. (the "Company") held its annual meeting of stockholders on May 20, 2024 (the "Annual Meeting"), at which the stockholders of the Company voted to approve amendments to the Company's Eighth Amended and Restated Certificate of Incorporation (the "Certificate of Incorporation"), to effect a reverse stock split of all of the outstanding shares of the Company's common stock, par value $0.001 per share, at a ratio ranging from any whole number between 1-for-10 and 1-for-40, with the exact ratio within such range to be determined by the Company's Board of Directors (the "Board") in its discretion, subject to the Board's authority to abandon such amendments.
On June 5, 2024, following the Annual Meeting, the Board approved the amendment to the Certificate of Incorporation effecting the reverse stock split at a ratio of 1-for-30 (the "Reverse Stock Split") and abandoned all other amendments to the Certificate of Incorporation previously approved by the Board and the Company's stockholders. On June 13, 2024, the Company filed a Certificate of Amendment to the Certificate of Incorporation (the "Certificate of Amendment") with the Secretary of State of the State of Delaware to effect the Reverse Stock Split. The Reverse Stock Split became effective at 5:00 p.m., Eastern Time, on June 13, 2024.
As a result of the Reverse Stock Split, every 30 shares of the Company's common stock issued or outstanding were automatically reclassified into one validly issued, fully-paid and nonassessable new share of common stock, subject to the treatment of fractional shares as described below, without any action on the part of the holders. Proportionate adjustments will be made to the exercise prices and the number of shares underlying the Company's outstanding equity awards, as applicable, and warrants exercisable for shares of common stock, as well as to the number of shares issuable under the Company's equity incentive plans and certain existing agreements. The common stock issued pursuant to the Reverse Stock Split remain fully paid and non-assessable. The Reverse Stock Split did not affect the number of authorized shares of common stock or the par value of the common stock.
No fractional shares will be issued in connection with the Reverse Stock Split. Stockholders who would otherwise be entitled to receive fractional shares as a result of the Reverse Stock Split will be entitled to a cash payment in lieu thereof at a price equal to the fraction to which the stockholder would otherwise be entitled multiplied by the closing sales price per share of the common stock (as adjusted for the Reverse Stock Split) on The Nasdaq Global Select Market on June 13, 2024, the last trading day immediately preceding the effective time of the Reverse Stock Split.
Trading of the Company's common stock on The Nasdaq Global Select Market is expected to commence on a split-adjusted basis when the market opens on June 14, 2024, under the existing trading symbol "TWOU." The new CUSIP number for the Company's common stock following the Reverse Stock Split is 90214J200.
The foregoing description of the Certificate of Amendment is qualified in its entirety by reference to the full text of the Certificate of Amendment, a copy of which is filed as Exhibit 3.1 to this Current Report on Form 8-K and is incorporated herein by reference.
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2U Inc. published this content on 14 June 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 June 2024 11:37:21 UTC.