Leafly Announces 1-for-20 Reverse Stock Split

Leafly Holdings, Inc. (“Leafly” or the “Company”) (NASDAQ: LFLY), a leading online cannabis discovery marketplace and resource for cannabis consumers, today announced it has effected a 1-for-20 reverse stock split (the “Reverse Stock Split”) of its common stock, par value $0.0001 (the “Common Stock”) that will become effective on September 12, 2023, at 12:01 a.m. Eastern Time. Leafly’s Common Stock will continue trading on The Nasdaq Capital Market (“Nasdaq”) under its existing symbol “LFLY” and will begin trading on a split-adjusted basis when the market opens on September 12, 2023. The new CUSIP number for the Common Stock following the Reverse Stock Split will be 52178J303. The Company’s public warrants will continue trading on Nasdaq under the existing symbol “LFLYW.”

The Reverse Stock Split was approved by the Company’s stockholders at the Company’s Annual Meeting of Stockholders on July 12, 2023. The Company’s Board of Directors approved a 1-for-20 reverse split ratio on August 16, 2023, and on September 8, 2023, the Company filed a Certificate of Amendment to its Second Amended and Restated Certificate of Incorporation with the Secretary of State of the State of Delaware to effect the Reverse Stock Split effective September 12, 2023.

As a result of the Reverse Stock Split, every twenty (20) shares of Common Stock issued and outstanding will be automatically combined and converted into one (1) issued and outstanding share of Common Stock. Proportional adjustments also will be made to outstanding equity awards, warrants and convertible notes. The Reverse Stock Split will not change the par value of the Common Stock nor the authorized number of shares of Common Stock.

No fractional shares of Common Stock will be issued in connection with the Reverse Stock Split. Stockholders that would hold a fractional share of Common Stock as a result of the Reverse Stock Split will have such fractional shares of Common Stock rounded up to the nearest whole share of Common Stock. The Reverse Stock Split will affect all stockholders uniformly and will not alter any stockholder’s percentage interest in the Company’s equity (other than as a result of rounding of shares to the nearest whole share in lieu of issuing fractional shares).