Shares Will Begin Trading on a Split-Adjusted
Basis on November 23, 2022
TEL
AVIV, Israel, Nov. 23,
2022 /PRNewswire/ -- SuperCom (NASDAQ:
SPCB), a global provider of secured solutions for the
e-Government, IoT, and Cybersecurity sectors, announced today that
its Board of Directors and Stockholders has approved a 1-for-10
reverse stock split of its ordinary shares. SuperCom's ordinary
shares will begin trading on a split-adjusted basis at commencement
of trading on November 23, 2022. The ordinary shares will
continue to trade on the Nasdaq Capital Market under the symbol
'SPCB'.
"We are pleased to announce this reverse stock split as we
believe it is in the best interest of our shareholders and will
help position SuperCom to attract fundamental institutional
investors as we continue on our growth trajectory. The perceived
overhang of trading below certain Nasdaq trading price
thresholds has been a hindrance in our ability to attract
larger investors, and we are happy to move forward clear of this
hurdle," stated Ordan Trabelsi,
President and CEO of SuperCom.
"The reverse stock split changes the price per share and
number of shares outstanding, but has no effect on the operations
of our company nor our overall size and growth potential. It is
however key in maintaining our Nasdaq listing and our ability
to meet certain funds' investment criteria. We are
excited to move forward stronger in conjunction with our
significant recent progress reflected also through our numerous new
project wins such as the $33 million
national EM project in Romania, as
well as our over 100% revenue growth and return to being EBITDA
positive in our reported third quarter 2022 financial
results," concluded Ordan.
At the commencement of trading on November 23, every ten
shares of the Company's issued and outstanding ordinary shares will
be automatically converted into one issued and outstanding ordinary
share, and the par value per share of ordinary shares will be
multiplied by ten(10).
Stockholders holding shares through a brokerage account will
have their shares automatically adjusted to reflect the 1-for-10
reverse stock split and do not need to take any action in
connection with the reverse stock split. It is not necessary for
stockholders holding shares in certificated form to exchange their
existing stock certificates for new stock certificates of the
Company in connection with the reverse stock split, although
stockholders may do so if they wish.
The reverse stock split will affect all stockholders uniformly
and will not alter any stockholder's percentage interest in
SuperCom's equity, except to the extent that the reverse stock
split would result in a stockholder owning a fractional share. No
fractional shares will be issued in connection with the reverse
stock split. Any fractional share of a stockholder resulting from
the reverse stock split will be rounded up to the nearest whole
ordinary share. The reverse stock split will reduce the number of
SuperCom's outstanding shares from 41,980,101 shares to
approximately 4,198,010 shares. Proportional adjustments will be
made to the number of ordinary shares issuable upon exercise or
conversion of SuperCom's outstanding equity awards, warrants or
other convertible securities, as well as the applicable exercise or
conversion price. Stockholders whose shares are held in brokerage
accounts should direct any questions concerning the reverse stock
split to their broker. All stockholders of record, holding their
shares in certificated form, may direct questions to the Company's
transfer agent, American Stock Transfer & Trust Company, at
6201 15th Avenue, Brooklyn,
NY 11219.
About SuperCom
Since 1988, SuperCom has been a global provider of traditional
and digital identity solutions, providing advanced safety,
identification and security solutions to governments and
organizations, both private and public, throughout the world.
Through its proprietary e-government platforms and innovative
solutions for traditional and biometrics enrollment,
personalization, issuance and border control services, SuperCom has
inspired governments and national agencies to design and issue
secure Multi-ID documents and robust digital identity solutions to
its citizens and visitors. SuperCom offers a unique all-in-one
field-proven RFID & mobile technology and product suite,
accompanied by advanced complementary services for various
industries including healthcare and homecare, security and safety,
community public safety, law enforcement, electronic monitoring,
livestock monitoring, and building and access automation. For more
information, visit www.supercom.com.
Cautionary Note Regarding Forward-Looking
Statements
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. Statements preceded or followed by or that otherwise
include the words "believes", "expects", "anticipates", "intends",
"projects", "estimates", "plans", and similar expressions or
future or conditional verbs such as "will", "should", "would",
"may" and "could" are generally forward-looking in nature
and not historical or current facts. These forward-looking
statements are subject to risks and uncertainties that could cause
our actual results to differ materially from the statements
made. Examples of these statements include, but are not
limited to, statements regarding business and economic trends, the
anticipated effects of the COVID-19 outbreak on travel and physical
locations, the levels of consumer, business and economic
confidence generally, the duration of the COVID-19 outbreak and
severity of such outbreak, the pace of recovery following the
COVID-19 outbreak, the effect on our supply chain, our ability to
implement cost containment and business recovery
strategies and resulting anticipated impact of such outbreak
on our business, financial condition and results of
operations, the adverse effects of the COVID-19 outbreak on
our business or the market price of our ordinary shares, and other
risks and uncertainties described in the forward looking
statements and in the section captioned "Risk Factors" in our
Annual Report on Form 20-F for the year ended December 31,
2021, filed with the U.S. Securities and Exchange Commission
(the "SEC") on April 4, 2022, our reports on Form 6-K filed
from time to time with the SEC and our other filings with the SEC.
Except as required by law, we not undertake any obligation to
update or revise these forward-looking statements, whether as a
result of new information, future events or otherwise, after the
date of this press release.
Contact:
Kirin M. Smith, President
PCG Advisory, Inc.
ksmith@pcgadvisory.com
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SOURCE SuperCom Ltd.