Company: SPRB
Filing Date: 2025-04-28
Form Type: DEF 14A
Source: 0000950170-25-059288
Chunk: 42

Company: SPRUCE BIOSCIENCES, INC.
Filing Date: 2025-04-28
Form: DEF 14A
Chunk 42
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1) Excludes the effect of fractional share treatment. We are exploring various sources of financing, including through potential future sales of common stock or other securities. There can be no assurance, however, even if the Reverse Stock Split is approved and implemented, that any financing transaction would be undertaken or completed. If we are unable to successfully raise sufficient additional capital, through future sales of common stock or other securities or through strategic and collaborative arrangements, we will not have sufficient cash to fund our planned business operations and or may not be able to continue as a going concern. As of the Record Date, we had 42,231,285 shares of common stock issued and outstanding, 3,284,576 shares of common stock reserved for issuance upon the exercise of outstanding options, 2,279,435 shares reserved for issuance upon vesting of restricted stock units, 14,794,341 shares of common stock reserved for issuance upon the exercise of outstanding warrants, no shares of common stock reserved for future issuance under the Company’s 2016 Equity Incentive Plan, 4,312,253 shares of common stock reserved for future issuance under the Company’s 2020 Equity Incentive Plan and 1,349,079 shares of common stock reserved for future issuance under the Company’s 2020 Employee Stock Purchase Plan. As of the Record Date, we have no shares of preferred stock outstanding, which would not change with the effectiveness of the Reverse Stock Split. Procedure for Implementing the Reverse Stock Split Beneficial Holders of Common Stock Upon the implementation of the Reverse Stock Split, we intend to treat shares of our common stock held by stockholders through a bank, broker or other nominee in the same manner as registered stockholders whose shares are registered in their own names. Banks, brokers or other nominees will be instructed to effect the Reverse Stock Split for their beneficial holders holding our common stock in street name. However, these banks, brokers or other nominees may have different procedures than registered stockholders for processing the Reverse Stock Split. Stockholders who hold shares of our common stock with a bank, broker or other nominee and who have any questions in this regard are encouraged to contact their banks, brokers or other nominees.

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Registered “Book-Entry” Holders of Common Stock

Certain of our registered holders of common stock may hold some or all of their shares of our common stock electronically in book-entry form with the transfer agent. These stockholders do not have stock certificates evidencing their ownership of the common stock