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Cachet Financial shareholders to consider reverse stock split proposal

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Cachet Financial shareholders to consider reverse stock split proposal

Cachet Financial Solutions Inc. shareholders will consider a proposal that would authorize the board to amend its certificate of incorporation to effect a reverse split of the company's outstanding common shares.

The reverse stock split will have a ratio of between 1-for-1.01 and 1-for-4, inclusive, which will be selected at the board's sole discretion at any whole number in the specified range, with any fractional shares that would otherwise be issued as a result of the reverse stock split being rounded up to the nearest whole share. The board may abandon the reverse stock split in its sole discretion.

Stockholders of record as of Jan. 20 are entitled to vote on the proposal at a February special meeting.