Backblaze Stockholders Approve Plan To Eliminate Dual-Class Share Structure; Auto-Conversion Of All Outstanding Shares Of Class B Common Stock Into Shares Of Class A Common Stock On A 1:1 Basis
Portfolio Pulse from Benzinga Newsdesk
Backblaze's stockholders have approved a plan to eliminate the dual-class share structure. This will result in the auto-conversion of all outstanding shares of Class B common stock into shares of Class A common stock on a 1:1 basis.
July 06, 2023 | 8:27 pm
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POSITIVE IMPACT
Backblaze's decision to eliminate the dual-class share structure could potentially increase the liquidity of its shares and attract more investors.
The elimination of the dual-class share structure means that all shares will have the same voting rights, which is often seen as a positive move by investors. This could potentially increase the liquidity of Backblaze's shares and attract more investors, leading to a potential increase in the stock price.
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