The Company recently completed a filing with the SEC reflecting the intent to increase the
authorized shares from 100M to 200M.
The number of issued and outstanding shares of the company's common stock will be reduced from approximately 55,652,323 shares to approximately 18,550,774 shares, and the number of
authorized shares of common stock will be reduced from 150,000,000 shares to 50,000,000 shares.
The additional
authorized shares represent approximately 4% of the Company's total shares currently issued and outstanding.
The number of
authorized shares and the par value per share will remain unchanged.
At the meeting, shareholders will also vote on a proposed amendment, which will increase the number of
authorized shares of class A common stock to 270 million from 60 million.
LendingClub Corporation announced the effective date of a 1-for-5 reverse stock split of the Company's outstanding and treasury shares of its common stock, together with a proportionate reduction in the number of
authorized shares of the company's common stock, that was approved by stockholders at the Company's annual meeting on June 5.