iMedia Announces Reverse Stock Split to Remain in Compliance with NASDAQ
November 25 2019 - 4:10PM
iMedia Brands, Inc. (NASDAQ: IMBI) is announcing that effective at
5:00 p.m. Central time on December 11, 2019 it will implement a
ten-for-one reverse stock split of its outstanding common stock.
The reverse stock split is primarily intended to bring the
company into compliance with the minimum bid price requirement for
maintaining its listing on the Nasdaq Capital Market. iMedia’s
common stock will continue to trade under the symbol “IMBI.”
Upon the effectiveness of the reverse stock split, every ten
shares of issued and outstanding common stock before the close of
business on December 11, 2019 will be combined into one
issued and outstanding share of common stock, with no change in par
value per share. The company’s common stock will open for trading
on NASDAQ on December 12, 2019 on a post-split basis.
No fractional shares will be issued as a result of the reverse
stock split. Any fractional shares that would result from the
reverse stock split will be cancelled in exchange for the payment
of cash consideration.
The reverse stock split will affect all issued and outstanding
shares of the company’s common stock, as well as the number of
shares of common stock available for issuance under the company’s
outstanding stock options and warrants. The reverse stock split
will reduce the number of shares of common stock issuable upon the
exercise of stock options or warrants outstanding immediately prior
to the reverse split and correspondingly increase the respective
exercise prices. The reverse stock split will affect all
shareholders uniformly and will not alter any shareholder’s
percentage interest in the company’s equity, except to the extent
that the reverse stock split results in some shareholders
experiencing an adjustment of a fractional share as described
above.
Shareholders holding share certificates will receive information
from EQ Shareowner Services, iMedia’s transfer agent, regarding the
process for exchanging their shares of common stock. Shareholders
with questions may contact EQ Shareowner Services by calling (800)
401-1957.
About iMedia Brands, Inc.
iMedia Brands, Inc. (NASDAQ: IMBI) is a global
interactive media company that manages a growing portfolio of
niche, lifestyle television networks and web service businesses,
primarily in North America, for both English speaking and, soon,
Spanish speaking audiences and customers. Its brand portfolio
spans multiple business models and product categories and includes
ShopHQ, Bulldog Shopping Network, iMedia Web Services and
soon-to-be-launched LaVenta Shopping Network. Please visit
www.imediabrands.com for more investor information.
Safe Harbor Statement under the Private
Securities Litigation Reform Act of 1995
This release contains statements, estimates,
projections, guidance or outlooks that constitute “forward-looking”
statements as defined under U.S. federal securities laws.
Generally, the words “believe,” “expect,” “intend,” “estimate,”
“anticipate,” “plan,” “project,” “should” and similar expressions
identify forward-looking statements, which generally are not
historical in nature. These statements may contain information
about our prospects, including anticipated show, event, or product
line launches, and involve risks and uncertainties. We caution that
actual results could differ materially from those that management
expects, depending on the outcome of certain factors.
Contacts:
Investors:Gateway Investor RelationsCody
SlachIMBI@gatewayir.com(949) 574-3860
Media:press@imediabrands.com (800) 938-9707
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