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Filing Details

Accession Number:: 0001213900-19-007133
Form Type:: 4
Zero Holdings:: No
Publication Time:: 2019-04-25 18:42:03
Reporting Period:: 2019-04-23

Accepted Time:: 2019-04-25 18:42:03
SEC Url:: Form 4 Filing

Issuer

Cik	Name	Symbol	Sector (SIC)	IRS No
1743745	Greenlane Holdings Inc.	GNLN	Wholesale-Durable Goods, Nec (5099)	830806637

Insiders

Cik	Name	Reported Address	Insider Title	Director	Officer	Large Shareholder	Other
1773421	Jacoby & Co. Inc.	C/O Greenlane Holdings, Inc. 1095 Broken Sound Parkway, Suite 300 Boca Raton FL 33487		No	No	Yes	No

Reported Non-Derivative Transactions

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Sec. Name	Acquisiton - Disposition	Date	Amount	Price	Remaning Holdings	Equity Swap Involved	Form Type	Code	Nature of Ownership
Class A Common Stock	Disposition	2019-04-23	644,860	$15.81	0	No	4	S	Direct
Class A Common Stock	Acquisiton	2019-04-23	644,860	$0.00	644,860	No	4	C	Direct
Class C Common Stock	Disposition	2019-04-23	1,934,580	$0.00	65,930,298	No	4	C	Direct

Equity Swap Involved	Form Type	Code	Nature of Ownership
No	4	S	Direct
No	4	C	Direct
No	4	C	Direct

Reported Derivative Transactions

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Sec. Name	Sec. Type	Acquisiton - Disposition	Date	Amount	Price	Amount - 2	Price - 2
Class A Common Stock	Common Units	Disposition	2019-04-23	644,860	$0.00	644,860	$0.00

Remaning Holdings	Exercise Date	Expiration Date	Equity Swap Involved	Transaction Form Type	Transaction Code	Nature of Ownership
21,976,766			No	4	C	Direct

Footnotes

The Reporting Person sold 644,860 shares of the Issuer's Class A common stock to the underwriters at a net price per share of $15.81 (after underwriting discounts and commissions in the amount of $1.19 per share) in connection with the closing of the initial public offering by the Issuer of its Class A common stock on April 23, 2019 (the "IPO"). The Reporting Person was a Selling Stockholder in the IPO.
The Reporting Person acquired 644,860 shares of Class A common stock upon (i) the forfeiture of shares of the Issuer's Class C common stock on a three-for-one basis and (ii) the redemption of an equal number of common membership interests in Greenlane Holdings, LLC ("Common Units"), in connection with the IPO, as further described in footnotes 3 and 4 below.
The Reporting Person acquired 67,864,878 shares of Class C common stock pursuant to a Subscription Agreement with the Issuer in connection with the recapitalization of Greenlane Holdings, LLC and the Issuer's corporate restructuring and IPO. Three shares of the Issuer's Class C common stock were issued for each Common Unit held by the Reporting Person. Pursuant to the Amended and Restated Certificate of Incorporation of the Issuer, the shares of Class C common stock: (i) confer only voting rights (one vote per share) and do not confer any incidents of economic ownership to the holders thereof; and (ii) are forfeited and cancelled, on a three-for-one basis, without consideration, upon the redemption of Common Units for shares of the Issuer's Class A common stock, or cash, at the Issuer's election.
On April 23, 2019, pursuant to a Common Unit Redemption Agreement among the Issuer, Greenlane Holdings, LLC, the Reporting Person and certain other holders of Common Units that were Selling Stockholders in the IPO, and in connection with the closing of the IPO, 644,860 Common Units were redeemed by the Reporting Person, and 1,934,580 shares of Class C common stock were forfeited, in each case for 644,860 shares of Class A common stock, with such shares of Class A common stock being sold by the Reporting Person in the IPO.
Represents Common Units of Greenlane Holdings, LLC. The Common Units were acquired pursuant to a reclassification and reorganization of Greenlane Holdings, LLC in connection with the IPO. Three shares of the Issuer's Class C common stock were issued for each Common Unit held by the Reporting Person.
Pursuant to the Third Amended and Restated Operating Agreement of Greenlane Holdings, LLC, 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, three shares of Class C common stock are automatically forfeited and cancelled for each Common Unit so redeemed.
The Common Units have no expiration date.