Oblong Announces Reverse Stock Split
August 22 2024 - 8:00AM
Business Wire
Shares Will Begin Trading on a
Split-Adjusted Basis on August 26, 2024
Oblong, Inc. (Nasdaq: OBLG) (“Oblong” or the “Company”), the
award-winning maker of multi-stream collaboration solutions,
announced today that it has filed an amendment to its certificate
of incorporation that will effect a reverse stock split of the
Company's issued and outstanding shares of common stock by a ratio
of 1-for-40, as approved by the Company’s stockholders at its 2023
annual meeting and the Company’s board of directors. The reverse
stock split will become effective at 5:00 PM Eastern Time on August
23, 2024, and the Company's shares of common stock will begin
trading on a split-adjusted basis on the Nasdaq Capital Market at
the commencement of trading on August 26, 2024 under the Company's
existing trading symbol “OBLG.”
The reverse stock split is intended to increase the per share
trading value of the Company’s common stock to satisfy the Nasdaq
Capital Market’s continued listing standards. The reverse stock
split will be effected simultaneously for all outstanding shares of
the Company’s common stock, and will affect all of the Company’s
stockholders uniformly. At the effective time, every 40 issued and
outstanding shares of common stock will be converted into one share
of common stock. The Company’s common stock has been assigned a new
CUSIP number of 674434303 in connection with the reverse stock
split. The reverse stock split will not affect any stockholder’s
percentage ownership interest in the Company, except to the extent
that it results in any of the Company’s stockholders owning a
fractional share, as any resulting fractional share will be rounded
up to the nearest whole share. The reverse stock split will reduce
the number of shares of the Company’s common stock from
approximately 28,242,000 shares to approximately 710,000 shares.
The reverse stock split will not affect the number of authorized
shares of the Company’s common stock or the par value of a share of
common stock. Proportionate adjustments will be made to the per
share exercise price or conversion price and the number of shares
issuable upon the exercise or conversion of all outstanding
options, warrants and shares of preferred stock, as applicable.
Information for Stockholders
Stockholders holding their shares in book-entry form with the
Company’s transfer agent, Equiniti Trust Company, or in brokerage
accounts, do not need to take any action in connection with the
reverse stock split. Stockholders holding shares of the Company’s
common stock with a bank, broker or other nominee are encouraged to
contact their bank, broker or other nominee with any questions
regarding their holdings. The Company’s transfer agent is also
acting as the exchange agent for the reverse stock split, and will
provide instructions to any stockholders holding certificated
shares regarding the process for exchanging their share
certificates.
Any fractional shares of common stock resulting from the reverse
stock split will be rounded up to the nearest whole post-split
share and no stockholders will receive cash in lieu of fractional
shares.
Additional information regarding the reverse stock split is
available in the Company’s definitive proxy statement filed with
the U.S. Securities and Exchange Commission (“SEC”) on October 30,
2023.
Forward looking and cautionary statements
This press release contains forward-looking statements as
defined under Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended, and are made under the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995. All statements,
other than statements of historical facts, that address activities
that the Company assumes, plans, expects, believes, intends,
projects, estimates or anticipates (and other similar expressions)
will, should or may occur in the future are forward-looking
statements. The Company’s actual results may differ materially from
its expectations, estimates and projections, and consequently you
should not rely on these forward-looking statements as predictions
of future events. Without limiting the generality of the foregoing,
forward-looking statements contained in this press release include
statements regarding the impact of the reverse stock split on the
per share trading value of the Company’s common stock and the
Company’s intention to regain compliance with the Nasdaq Capital
Market’s continued listing standards. The forward-looking
statements are based on management’s current belief, based on
currently available information, as to the outcome and timing of
future events, and involve factors, risks, and uncertainties that
may cause actual results in future periods to differ materially
from such statements. A list and description of these and other
risk factors can be found in the Company’s Annual Report on Form
10-K for the year ending December 31, 2023, the Company’s Quarterly
Report on Form 10-Q for the three months ended March 31, 2024, the
Company’s Quarterly Report on Form 10-Q for the three months ended
June 30, 2024 and in other filings made by the Company with the SEC
from time to time. Any of these factors could cause the Company’s
actual results and plans to differ materially from those in the
forward-looking statements. Therefore, the Company can give no
assurance that its future results will be as estimated. The Company
does not intend to, and disclaims any obligation to, correct,
update or revise any information contained herein.
About Oblong, Inc.
Oblong (Nasdaq: OBLG) provides innovative and patented
technologies that change the way people work, create, and
communicate. Oblong’s flagship product Mezzanine™ is a meeting
technology platform that offers simultaneous content sharing to
optimize audience engagement and situational awareness. For more
information, visit www.oblong.com and Oblong’s Twitter and Facebook
pages.
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version on businesswire.com: https://www.businesswire.com/news/home/20240822241281/en/
Investor Relations Contact: David Clark
investors@oblong.com (213) 683-8863 ext. 5
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