Adam Schoenfeld - 15 Dec 2022 Form 4 Insider Report for Greenlane Holdings, Inc. (GNLN)

Role
Director
Signature
/s/ Amir Sadr, as attorney-in-fact for Adam Schoenfeld
Issuer symbol
GNLN
Transactions as of
15 Dec 2022
Net transactions value
$0
Form type
4
Filing time
16 Dec 2022, 15:04:42 UTC
Previous filing
21 Jul 2022
SEC
View on sec.gov

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction GNLN Class B Common Stock Other $0 -76,136 -100% $0.000000* 0 15 Dec 2022 Direct F1, F2
transaction GNLN Class A Common Stock Conversion of derivative security $0 +76,136 +91% $0.000000 159,487 15 Dec 2022 Direct F1, F2

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Underlying Class Amount Exercise Price Ownership Footnotes
transaction GNLN Common Units Conversion of derivative security $0 -76,136 -100% $0.000000* 0 15 Dec 2022 Class A Common Stock 76,136 Direct F1, F2, F3
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 Pursuant to the Fourth Amended and Restated Operating Agreement of Greenlane Holdings, LLC (the "Operating Company"), the common membership interests in the Operating Company (the "Common Units") are redeemable on a one-for-one basis for shares of Class A common stock of the Issuer, or, at the election of the Issuer, cash equal to a volume weighted average market price of a share of Class A common stock. Upon any redemption of Common Units, one share of Class B common stock is automatically forfeited and cancelled for each Common Unit so redeemed. On December 15, 2022, the Reporting Person tendered 76,136 Common Units for redemption and was issued 76,136 shares of Class A common stock.
F2 Effective August 9, 2022, the Issuer effected a 1-for-20 reverse stock split (the "Reverse Split") of its issued and outstanding shares of Class A common stock and Class B common stock. Cash was paid in lieu of any fractional shares resulting from the Reverse Split. The Reporting Person's beneficial ownership in this Form 4 has been adjusted for the Reverse Split.
F3 The Common Units have no expiration date.