Steel Connect, Inc. Announces Reverse/Forward Stock Split

Steel Connect, Inc. (Nasdaq: STCN), a Delaware corporation and holding company (the “Company” or “Steel Connect”), announced today that it will effect a 1-for-3,500 reverse stock split (“Reverse Stock Split”) of its common stock, par value $0.01 per share (the “Company Common Stock”), followed immediately by a 375-for-1 forward stock split of the Company Common Stock (the “Forward Stock Split,” and, together with the Reverse Stock Split, the “Reverse/Forward Stock Split”). The Company Common Stock will continue to trade on The Nasdaq Capital Market (“Nasdaq”) under the existing symbol “STCN” and will begin trading on a split-adjusted basis when the market opens on June 22, 2023. The new CUSIP number for the Common Stock following the Reverse/Forward Stock Split will be 858098205.

At the Company’s Special Meeting of Stockholders held on June 6, 2023, the Company’s stockholders approved the proposal to authorize the Reverse/Forward Stock Split. On June 21, 2023, the Company will file a certificate of amendment to its restated certificate of incorporation to effect the Reverse Stock Split, followed immediately followed by the filing of a certificate of amendment to its restated certificate of incorporation to effect the Forward Stock Split.

No fractional shares will be issued in connection with the Reverse/Forward Stock Split. Instead, the Company will pay cash (without interest) to any stockholder who would be entitled to receive a fractional share as a result of the Reverse/Forward Stock Split. Stockholders who hold fewer than 3,500 shares immediately prior to the Reverse Stock Split will be paid in cash (without interest) an amount equal to such number of shares of Company Common Stock held multiplied by the average of the closing sales prices of the Company Common Stock on Nasdaq for the five consecutive trading days immediately preceding the effective date of the Reverse Stock Split. Any remaining stockholders who would have been entitled to receive fractions of a share as a result of the Reverse/Forward Stock Split will be paid in cash (without interest) an amount equal to such fractions multiplied by the average of the closing sales prices of the Company Common Stock on Nasdaq for the five consecutive trading days immediately preceding the effective date of the Reverse/Forward Stock Split (with such average closing sales prices being adjusted to give effect to the Reverse/Forward Stock Split).