Blaize Holdings, Inc. (NASDAQ: BZAI) announced on October 16, 2026, that its board of directors has declared a dividend of one one-thousandth of a share of newly designated Series B Preferred Stock for each outstanding share of common stock held as of the record date.
The dividend is payable to stockholders of record on October 26, 2026. The company stated that the purpose of this distribution is to facilitate a potential reverse stock split. The Series B Preferred Stock will vote together with the common stock as a single class exclusively regarding proposals to amend the company's certificate of incorporation to reclassify common shares into a smaller number of shares, as well as proposals to adjourn meetings related to this matter.
Each share of Series B Preferred Stock carries 1,000,000 votes per share, which equates to 1,000 votes per one one-thousandth of a share. The preferred stock is not convertible and has no stated maturity. Holders of the preferred stock are not entitled to receive dividends, but they hold a liquidation preference, meaning they are entitled to be paid $0.0001 per share prior to common stockholders in the event of a dissolution.
The company has adopted resolutions to make the shares uncertificated and represented in book-entry form. Additionally, the shares may only be transferred in connection with the transfer of common stock. The certificate of designations for the Series B Preferred Stock became effective on October 21, 2026.
