BACKGROUND

From Dec 27th 2021 through Jan 7th 2022, Legion M held a shareholder vote on a proposed 10-for-1 stock split that would split every existing Legion M share into 10 Legion M shares. To read more about the proposal, please check out the Stock Split Proposal FAQ. The vote was conducted via KoreConX, Legion M’s SEC registered transfer agent and the keeper of the company’s cap table (i.e. the place where you can login to to see your shares). The vote allowed our equity crowdfunding investors made the final decision -- Legion M's founders and staff waited until AFTER all the community voted, and cast our shares according to their decision.

RESULTS

The results of the vote were overwhelming, with 96.5% of shares held by our equity crowdfunding investors voting for the split, and just 3.5% selecting “Withhold from voting” to vote against the split. Based on this result, the Legion M founders and staff also voted their shares "For" the proposal.

After the formal vote concluded, Legion M also conducted a non-binding straw poll in the Legion M members-only Facebook group to confirm that the KoreConX vote was accurate. We wanted to ensure that there wasn’t a large contingent of people who were against the split but unable to vote and/or confused by the language used on the KoreConX interface. The results of the Facebook poll were consistent with the results of the KoreConX vote.

Based on these results, the SPLIT HAS OFFICIALLY PASSED.

NEXT STEPS

We are now working through all the logistics of amending our certificate of incorporation and splitting the stock within KoreConX. We recently refiled with the SEC to increase our fundraising cap for Round 8 (which has a limited number of shares remaining at https://startengine.com/legionm), but once that sells out we plan to retire the Round 8 terms and enact the split. Our current expectation is that this will occur in May or June, though that is subject to change if necessary.

Thanks again to everyone who participated in the discussion and vote. We couldn't be more excited about where Legion M is headed, and feel like this split will provide a great foundation for the future of Legion M and all our shareholders!

Onward and Upward!