Regis Corporation Announces Reverse Stock Split to Regain Compliance with Minimum Bid Price Requirements

Regis Corporation (NYSE: RGS), a leader in the haircare industry, today announced that it intends to effect a reverse stock split of its outstanding common stock, par value $0.05 per share, at a ratio of one-for-twenty, with an intended market effective date of November 29, 2023.

The reverse stock split is primarily intended to bring the Company into compliance with stock exchange minimum bid price requirements, as the Company explores opportunities to remain listed on a national securities exchange. The reverse stock split is not expected to have a direct impact on the Company’s market capitalization deficiency as previously reported in the Company’s Current Report on Form 8-K filed on June 15, 2022, for which the NYSE-established compliance period is scheduled to end on December 13, 2023.

Following the reverse stock split, the Company's common stock will continue to trade under the symbol “RGS”. The new CUSIP number for the Company’s common stock following the reverse stock split will be 758932206. Upon the effectiveness of the reverse stock split, every 20 shares of issued and outstanding common stock before the open of trading on November 29, 2023 will be combined into one issued and outstanding share of common stock, with no change in par value per share. The Company’s common stock will open for trading on NYSE on November 29, 2023 on a post-split basis.

The reverse stock split will reduce the number of shares of the Company's outstanding common stock from approximately 45.6 million shares to approximately 2.3 million shares. No fractional shares will be issued as a result of the reverse stock split. Any fractional shares that would result from the reverse stock split will be cancelled in exchange for the payment of cash consideration.

The reverse stock split will affect all issued and outstanding shares of the Company’s common stock, as well as the number of shares of common stock available for issuance under the Company’s outstanding stock options and stock unit awards. The reverse stock split will reduce the number of shares of common stock issuable upon the exercise of stock options outstanding and the vesting of stock unit awards outstanding immediately prior to the reverse stock split and correspondingly increase the respective exercise prices or other price dependent terms. The reverse stock split will affect all shareholders uniformly and will not alter any shareholder’s percentage interest in the Company’s equity, except to the extent that the reverse stock split results in some shareholders experiencing an adjustment of a fractional share as described above.