Katapult Announces 1-for-25 Reverse Stock Split of Common Stock

Common Stock Expected to Begin Trading on Reverse Split-Adjusted Basis on July 28, 2023

PLANO, Texas, July 11, 2023 (GLOBE NEWSWIRE) -- Katapult Holdings, Inc. (“Katapult”) (NASDAQ: KPLT), an e-commerce-focused financial technology company, today announced that its Board of Directors has approved a 1-for 25 reverse stock split (the “Reverse Stock Split”) of Katapult’s common stock, par value $0.0001 per share (the “Common Stock”). The Reverse Stock Split was approved by Katapult’s stockholders at the Annual Meeting of Stockholders held virtually on June 6, 2023. The Reverse Stock Split will become effective at 5:01 p.m. Eastern Time on July 27, 2023, and the Common Stock will open for trading on The Nasdaq Stock Market (“Nasdaq”) on a reverse split-adjusted basis on July 28, 2023 under the existing trading symbol “KPLT.”

The new CUSIP number for the Common Stock following the Reverse Stock Split will be 485859 201. Katapult’s publicly traded warrants will continue to be traded on the Nasdaq under the symbol “KPLTW” and the CUSIP number for the warrants will remain unchanged.

At the effective time of the Reverse Stock Split, every 25 shares of Common Stock either issued and outstanding or held as treasury stock will be automatically reclassified into one new share of Common Stock. The par value per share of the Common Stock will remain unchanged at $0.0001.

As a result of the Reverse Stock Split, proportionate adjustments will be made to the number of shares of Common Stock underlying Katapult’s outstanding equity awards and the number of shares issuable under Katapult’s equity incentive plans and certain existing agreements, as well as the exercise, grant and acquisition prices of such equity awards, as applicable.

In addition, proportionate adjustments will be made to Katapult’s outstanding warrants, resulting in: (i) each publicly traded warrant issued under the Warrant Agreement, dated October 31, 2019, becoming exercisable for 1/25^th of a share of Common Stock at an exercise price of $287.50 per whole share; and (ii) the warrant under the Warrant to Purchase Stock, dated March 6, 2023, issued by Katapult to Midtown Madison Management LLC, becoming exercisable for up to 160,000 shares of Common Stock at an exercise price of $0.25 per share.