Seneca Foods Shareholders Approve 5-for-1 Forward Stock Split

Seneca Foods Corporation shareholders approved a five-for-one forward stock split at a special meeting Wednesday, Nov. 4, advancing the board’s plan to broaden access to the company’s shares and support a liquid market.

Seneca Foods, a packaged fruits and vegetables company, lists its Class A common shares on Nasdaq as SENEA and its Class B shares as SENEB. Split-adjusted trading for both classes is expected to begin at market open Nov. 17.

The company plans to file charter amendments with the New York Secretary of State on Nov. 16. Under the plan, each share of capital stock issued that day would become five shares of its applicable class or series. The additional shares are expected to be distributed after market close on Nov. 16.

The split proposal received 2,186,568 votes for, 16,296 against and 151 abstentions. The filing recorded no broker non-votes on the proposal.

Shareholders separately approved removing Preferred Stock Without Par Value from the company’s authorized shares. That proposal received 2,200,541 votes for, 2,251 against and 223 abstentions.

The charter changes would increase authorized share counts in proportion to the split, lower par values for certain stock classes and adjust designated preferred-stock terms.

The board proposed the split to make the common shares more accessible to current and prospective investors and support market liquidity. The split by itself will not change shareholders’ proportional ownership or relative voting power.