Company: SPRB
Filing Date: 2025-07-24
Form Type: 8-K
Source: 0000950170-25-098340
Chunk: 0

Company: SPRUCE BIOSCIENCES, INC.
Filing Date: 2025-07-24
Form: 8-K
Item: Item 5.03
Chunk 0
---
Item 5.03 Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year.

Reverse Stock Split

On July 23, 2025, Spruce Biosciences, Inc., a Delaware corporation (the “ Company”), filed with the Secretary of State of the State of Delaware a Certificate of Amendment (the “ Amendment”) to the Company’s Amended and Restated Certificate of Incorporation (the “ Certificate of Incorporation”), to effect a one-for-seventy-five (1:75) reverse stock split of its outstanding common stock, effective as of August 4, 2025 (the “ Reverse Stock Split”). A series of alternate amendments to effect the Reverse Stock Split was approved by the Company’s stockholders at the Annual Meeting of Stockholders held on July 22, 2025, and the specific one-for-seventy-five (1:75) ratio was subsequently approved by the Company’s Board of Directors (the “ Board”) on July 23, 2025.

The Amendment provides that at the effective time of the Reverse Stock Split, every 75 shares of the Company’s issued and outstanding common stock will be automatically converted into one issued and outstanding share of common stock, without any change in par value per share. The Reverse Stock Split will affect all shares of the Company’s common stock outstanding immediately prior to the effective time of the Reverse Stock Split, as well as the number of shares of common stock available for issuance under the Company’s equity incentive plans and employee stock purchase plan. In addition, the Reverse Stock Split will effect a reduction in the number of shares of common stock issuable upon the exercise of warrants, stock options and restricted stock units outstanding immediately prior to the effectiveness of the Reverse Stock Split with a corresponding increase in the exercise price per share applicable to such warrants and stock options. No fractional shares will be issued because of the Reverse Stock Split. Stockholders who would otherwise be entitled to receive a fractional share will receive a cash payment in lieu thereof.

The Company’s common stock is scheduled to begin trading on the OTC Pink Marketplace on a split-adjusted basis when the market opens on August 5, 2025 (the “ Effective Date”) under the existing ticker symbol “ SPRB”. The Company’s common stock will resume trading on the Nasdaq Capital Market so long as the Company remains in compliance with the minimum bid price requirement under Nasdaq Listing Rule 5450(a)(1) for 20 consecutive trading days following the Effective Date, inclusive. The new CUSIP number