Company: SPRB
Filing Date: 2025-04-28
Form Type: DEF 14A
Source: 0000950170-25-059288
Chunk: 41

Company: SPRUCE BIOSCIENCES, INC.
Filing Date: 2025-04-28
Form: DEF 14A
Chunk 41
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 our common stock declines, the percentage decline as an absolute number and as a percentage of the overall market capitalization of the Company may be greater than would occur in the absence of the Reverse Stock Split.

Principal Effects of a Reverse Stock Split

The table below illustrates certain, but not all, possible reverse stock split ratios, together with the implied number of issued and outstanding shares of the common stock resulting from implementation of the Reverse Stock Split based on 42,231,285 shares of the common stock outstanding as of the Record Date.

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|                                                              |     Current | After Reverse Stock Split if 5:1 Ratio is Selected(1) | After Reverse Stock Split if 10:1 Ratio is Selected(1) | After Reverse Stock Split if 20:1 Ratio is Selected(1) | After Reverse Stock Split if 30:1 Ratio is Selected(1) |
| Shares of common stock issued and outstanding                |  42,231,285 |                                             8,446,257 |                                              4,223,128 |                                              2,111,564 |                                              1,407,709 |
| Common stock issuable upon exercise of stock options         |   3,284,576 |                                               656,915 |                                                328,457 |                                                164,228 |                                                109,485 |
| Common Stock issuable upon exercise of warrants              |  14,794,341 |                                             2,958,868 |                                              1,479,434 |                                                739,717 |                                                493,144 |
| Common stock issuable upon vesting of restricted stock units |   2,279,435 |                                               455,887 |                                                227,943 |                                                113,971 |                                                 75,981 |
| Common stock reserved under the 2020 Plan for future grants  |   4,312,253 |                                               862,450 |                                                431,225 |                                                215,612 |                                                143,741 |
| Common Stock reserved under the 2020 ESPP                    |   1,349,079 |                                               269,815 |                                                134,907 |                                                 67,453 |                                                 44,969 |
| Authorized but unissued and reserved                         | 131,749,031 |                                            26,349,806 |                                             13,174,903 |                                              6,587,451 |                                              4,391,634 |

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