Hooper Holmes Announces Effective Date of Reverse Stock Split
June 14 2016 - 04:05PM
Business Wire
Hooper Holmes, Inc. (NYSE MKT: HH) today announced the effective
date for its previously announced 1-for-15 reverse stock split (the
"Reverse Split"). The Reverse Split was approved by shareholders at
the Company’s annual meeting on June 8, 2016.
The Reverse Split will be effective after the close of trading
on June 15, 2016 (the "Effective Date"), and the common stock will
continue trading on the NYSE MKT under the trading symbol "HH" on a
split-adjusted basis on June 16, 2016. The common stock will trade
under a new CUSIP number (439104209).
The Reverse Split will reduce the number of outstanding shares
of Hooper Holmes’ common stock from approximately 128.2 million to
approximately 8.5 million. Correspondingly, the trading price of
Hooper Holmes is expected to proportionately increase immediately
following the Effective Date and, as a result, the Company expects
to regain compliance with the NYSE MKT’s minimum market price
requirement.
Additional information on the Reverse Split can be found in
Hooper Holmes’ definitive proxy statement filed with the Securities
and Exchange Commission on April 28, 2016, which is available on
the SEC's website at www.sec.gov and on the Company's website at
http://www.hooperholmes.com/investors.
About Hooper Holmes
Hooper Holmes mobilizes a national network of health
professionals to provide on-site health screenings, laboratory
testing, risk assessment and sample collection services to wellness
and disease management companies, employers and brokers, government
organizations and academic institutions nationwide. Under the
Accountable Health Solutions brand, the Company combines smart
technology, healthcare and behavior change expertise to offer
comprehensive health and wellness programs that improve health,
increase efficiencies and reduce healthcare delivery costs.
More information is available at hooperholmes.com and at
accountablehealthsolutions.com.
This press release contains “forward-looking” statements, as
such term is defined in the Private Securities Litigation Reform
Act of 1995. The forward-looking statements contained in this press
release reflect the Company’s current beliefs and expectations.
Actual results or performance may differ materially from what is
expressed in the forward looking statements. Forward-looking
statements are subject to risks and uncertainties that could cause
actual results to differ materially from those expected. These
risks and uncertainties include, but are not limited to, risks
related to customer concerns about our financial health, our
liquidity, uncertainty as to our working capital requirements over
the next 12 to 24 months, our ability to maintain compliance with
the financial covenants contained in our credit facility and term
loan, declines in our business, our competition, and our ability to
retain and grow our customer base and its related impact on
revenue, our ability to recognize operational efficiencies and
reduce costs, our ability to realize the expected benefits from the
acquisition of Accountable Health Solutions, and such other factors
as discussed in Part I, Item 1A, Risk Factors, and Part II, Item 7,
Management’s Discussion and Analysis of Financial Conditions and
Results of Operations of our Annual Report on Form 10-K for the
year ended December 31, 2015, and similar discussions in our other
filings with the Securities and Exchange Commission ("SEC"). The
Company undertakes no obligation to update or release any revisions
to these forward-looking statements to reflect events or
circumstances after the date of this press release to reflect the
occurrence of unanticipated events, except as required by law.
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Hooper HolmesHenry E. Dubois, 913-764-1045President and
CEOorInvestors:S.M. Berger & CompanyAndrew Berger,
216-464-6400