CARLSBAD, Calif., June 7, 2016 /PRNewswire/ -- NTN Buzztime,
Inc. (NYSE MKT:NTN), a leader in interactive entertainment and
innovative dining technology, today announced the expected
effective date of its 1-for-100 reverse stock split (the "Reverse
Split") of common stock to be immediately followed by a forward
split (the "Forward Split") of common stock at a ratio of 2-for-1
(together referred to as the "Reverse/Forward Split"). Stockholders
granted the Board of Directors discretionary authority to effect
the Reverse/Forward Split at the company's annual meeting of
shareholders held on June 3,
2016.
NTN Buzztime anticipates the Reverse/Forward Split to be
effective after the close of all trading on Thursday, June 16,
2016 (the "Effective Date"), and the common stock will continue
trading under the trading symbol "NTN" under a new CUSIP number on
a split-adjusted basis on the NYSE MKT at the opening of trading on
Friday, June 17, 2016.
When the Reverse/Forward Split becomes effective, if you are a
stockholder of record with 100 or more shares of our common stock
in one account as of immediately prior to 6:00 p.m. Eastern Time on the Effective Date,
your shares will first be combined and reconstituted into one
one-hundredth (1/100) of the number of shares you held in that
account as of immediately prior to that time. Immediately
thereafter your shares will be split and reconstituted in the
Forward Split into 2 times the number of shares you held after the
Reverse Split. Any fractional shares resulting from the Forward
Split will be rounded up to the nearest whole share.
Any shareholder who, as of immediately prior to 6:00 p.m. Eastern Time on the Effective Date,
holds fewer than 100 shares of our common stock in one account and,
subsequent to the Reverse Split, would otherwise be entitled to
less than one full share of our common stock, will receive, instead
of the fractional share, a cash payment for each such share held in
that account equal to the average of the closing price per share of
our common stock on the NYSE MKT over the five trading days
immediately before and including the Effective Date. Shares
of common stock held in registered form in two or more accounts
will be considered held in separate accounts and will not be
aggregated when effecting the Reverse Split. Similarly,
shares of common stock held in registered form and stock held in
"street name" for the same investor will be considered held in
separate accounts and will not be aggregated when effecting the
Reverse Split.
If you believe that you may not hold sufficient shares of our
common stock as of immediately prior to 6:00
p.m. Eastern Time on the Effective Date to hold at least one
full share immediately following the Reverse Split and you want to
continue to hold our common stock after the Reverse/Forward Split,
you may do so by taking either of the following actions far enough
in advance so that it is completed by 6:00
p.m. Eastern Time on the Effective Date: (1) purchase and
transfer to your account a sufficient number of shares of our
common stock so that you hold at least 100 shares in your account
prior to and as of immediately prior to 6:00
p.m. Eastern Time on the Effective Date; or (2) if you have
shares of our common stock in more than one account, consolidate
your accounts so that you hold at least 100 shares of our common
stock in one account as of immediately prior to 6:00 p.m. Eastern Time on the Effective Date.
The Reverse/Forward Split will reduce the number of outstanding
shares of NTN Buzztime common stock from approximately 92.4 million
to approximately 1.8 million. Correspondingly, the trading price of
NTN Buzztime common stock is expected to proportionately increase
immediately following the Effective Date. However, other factors
may adversely affect the price of our common stock and there can be
no assurance that the Reverse/Forward Split will increase the
trading price of our common stock.
Additional information on the Reverse/Forward Split can be found
in NTN Buzztime's definitive proxy statement filed with the
Securities and Exchange Commission on April 22, 2016, which is
available on the SEC's website at www.sec.gov and on the Company's
website at
http://www.buzztime.com/business/investor-relations-sec-filings/
About Buzztime
Buzztime (NYSE MKT: NTN) delivers
interactive entertainment and innovative dining technology to bars
and restaurants in North America.
Venues license Buzztime's customizable solution to differentiate
themselves via competitive fun by offering guests trivia, card,
sports and arcade games, nationwide competitions, personalized
menus and self-service dining features. Buzztime's platform
improves operating efficiencies, creates connections among the
players and venues, and amplifies guests' positive experiences.
Founded in 1984, Buzztime has accumulated over 9 million player
registrations and over 115 million games were played in 2015 alone.
For more information, please visit http://www.buzztime.com or
follow us on Facebook or Twitter @buzztime.
Forward-looking Statements
This release contains
forward-looking statements, which reflect management's current
views of future events and operations, including but not limited to
statements about the Effective Date of the Reverse/Forward Split
and the effects of the Reverse/Forward Split. These
statements are based on current expectations and assumptions that
are subject to risks and uncertainties that could cause actual
results to differ materially. Please see NTN Buzztime, Inc.'s
recent filings with the Securities and Exchange Commission for
information about risks that may affect the Company. All
forward-looking statements included in this release are based on
information available to us on the date hereof. These statements
speak only as of the date hereof, and NTN Buzztime, Inc. does not
undertake to publicly update or revise any of its forward-looking
statements, even if experience or future changes show that the
indicated results or events will not be realized.
INVESTOR RELATIONS CONTACTS:
Kirsten Chapman / Becky
Herrick
LHA | IR for Buzztime
415-433-3777
buzztime@lhai.com
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SOURCE NTN Buzztime, Inc.