Blaize Issues Series B Preferred Dividend to Force Through Reverse Split Vote

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Blaize's board declared a dividend of one one-thousandth of a Series B preferred share per common share, a structure that gives each preferred share 1,000,000 votes and exists solely to vote on a reverse stock split. The record date is October 26, 2026, and the preferred shares auto-redeem once the split is approved or if not voted. This is a defensive maneuver to cure the Nasdaq delisting notice received October 2 after the stock traded below $1.00 for 30 straight days. The company is burning cash, carrying a going concern warning, facing DOJ and SEC investigations, and just reported preliminary Q3 revenue of $0.5 million against a slashed $32-36 million full-year outlook. The reverse split would lift the share price above the $1.00 minimum but does nothing to fix the underlying business, and the preferred structure dilutes voting power to push it through. Watch for the 8-K detailing the Series B terms and the shareholder meeting date on the reverse split proposal.

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