Move aim to Ensure Continued Listing on Nasdaq

NEW YORK – May 2 , 2024 - -BuzzFeed , Inc. ( NASDAQ : BZFD ) today announced that its Board of Directors and shareholders sanction a 1 - for-4 inverse stock split of the company ’s Class A vulgar stock , equality value $ 0.0001 per share , and Class B common stock , par value $ 0.0001 per portion , which will be effective at 12:01am EST on May 6 , 2024 . BuzzFeed ’s Class A common stock will cover to be traded on The Nasdaq Capital Market on a split - correct basis beginning on May 6 , 2024 , under the Company ’s existing trading symbolisation “ BZFD . ”

The reverse stock split is intended to increase the bid toll of the Company ’s Class A common stock so that BuzzFeed , Inc. can regain conformity with the minimum bid price requisite of $ 1.00 per share for continued list on Nasdaq . The new CUSIP number following the inverse stock split will be 12430A300 . The Company lodge a Certificate of Amendment with the Secretary of State of the State of Delaware on April 26 , 2024 to set up the inverse rip .

The reverse stock split will touch on all stockholders uniformly and will not interpolate any stockholder ’s share ownership interest in the company , except to the extent that the rearward stock split results in that stockholder possess a fractional share as draw in more contingent below .

The rearward strain split will reduce the numeral of share of Class A common blood issued and outstanding from about 140,961,058 to approximately 35,240,370 and the number of shares of Class B common stock issue and outstanding from approximately 5,473,940 to approximately 1,368,493 . The total authorize act of portion of common stock will remain the same . No fractional percentage will be egress in connection with the rearward stock split . Each shareholder who would otherwise be entitled to receive a fraction of a share of BuzzFeed ’s coarse store will instead receive one whole share of vulgar stock .

The reverse stock split up will also result in relative adjustments being made to : ( 1 ) all then - outstanding warrant exercisable for shares of our Class A plebeian neckcloth , such that few shares would underlie such security and the purchase cost per portion will be increase ; ( 2 ) all then - spectacular option and RSUs release under the BuzzFeed , Inc. 2021 Equity Incentive Plan , such that few shares of our Class A common stock would underlie such awards and the usage price per portion of the options will be increased ; ( 3 ) the number of parcel of our Class A common stock then - uncommitted for issuance under each of the BuzzFeed , Inc. 2021 Equity Incentive Plan and the BuzzFeed , Inc. 2021 Employee Stock Purchase Plan , such that few shares will be available to allot under both plan ; ( 4 ) the telephone number of shares of our Class A common stock issuable upon conversion of our then - salient unsecured convertible banker’s bill due 2026 , such that fewer shares would be issuable upon conversion of such notation and the transition price will be increased ; and ( 5 ) the number of shares of our Class A common stock we could offer in our at - the - market offering , such that few shares would be available for sale in such offering .

The company ’s publically - traded warrants will stay on to be traded under the symbolization “ BZFDW " and the CUSIP identifier for the guarantee will stay unaltered .

Continental Stock Transfer and Trust Company ( “ Continental ” ) , the Company ’s transferee agent , will act as the substitution broker for the rearward stock split . Continental will render instruction to any stockholders with forcible bloodline certificates regarding the process for exchanging their certificates for rip - adjust shares into “ book - ledger entry form . ” Shares held by stockholders in “ street name ” will have their account automatically credited by their brokerage conformation , bank or other nominee , as will any stockholder who moderate their share in leger - entranceway form at Continental .

About BuzzFeed , Inc.

BuzzFeed , Inc. is house to the best of the Internet . Acrosspop culture , entertainment , shopping , food and news , our brand drive conversation and inspire what audiences check , read , and buy now — and into the future . put up on the Internet in 2006 , BuzzFeed is charge to make it well : offer trust , tone , make - safe news and amusement to hundreds of zillion of people ; making content on the Internet more inclusive , empathic , and originative ; and inspiring our audience to live better spirit .

Contacts

Media ContactJuliana Clifton:pr@buzzfeed.com

Investor Relations ContactAmita Tomkoria:ir@buzzfeed.com