Vislink Technologies Announces 1-for-6 Reverse Stock Split
July 31 2020 - 8:45AM
Vislink Technologies, Inc. (“Vislink”) (Nasdaq: VISL), whose brands
are recognized as the global leaders in live video communications,
announced that its Board of Directors has approved a 1-for-6
reverse stock split (the “Reverse Stock Split”) of its common stock
(the “Common Stock”) that will become effective at 5 p.m. ET on
July 31, 2020. The Common Stock will begin trading on a
split-adjusted basis upon market opening on Monday, August 3, 2020
under the new CUSIP number 92836Y 300.
Mickey Miller, CEO of Vislink, commented, “We
have made significant progress in the operational turnaround effort
with the addition of new senior leadership, a revamp of our Board
and operational improvements that enhance our profitability.”
Miller further commented, “Given the progress we have had in our
operational turnaround, this reverse split is a natural next step
in maintaining our listing on Nasdaq and enabling continued access
to capital for growth and strategic initiatives. We look forward to
sharing our progress with investors on our Q2 earnings call.”
Information to Stockholders
Continental Stock Transfer & Trust Company
is acting as exchange agent for the Reverse Stock Split and will
send instructions to stockholders of record who hold stock
certificates regarding the exchange of certificates for Common
Stock. Stockholders who hold their shares of Common Stock in
brokerage accounts or “street name” are not required to take any
action to effect the exchange of their shares following the Reverse
Stock Split. Continental Stock Transfer & Trust Company may be
reached for questions at (212) 509-4000.
About Vislink Technologies, Inc.
Vislink is a global leader in the development
and distribution of advanced communication solutions. Driven by
technical excellence that has led the industry for over 50 years,
our innovative products and turnkey solutions provide reliable
connectivity in the toughest environments across the global live
production, military and government sectors. Our solutions include
high-definition communication links that reliably capture, transmit
and manage live event footage, as well as secure video systems that
support mission-critical applications. Vislink’s shares of Common
Stock are publicly traded on the Nasdaq Capital Market under the
ticker symbol “VISL.” For more information, visit
www.vislink.com.
Note on Forward-looking Statements
This press release may contain projections or other
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act. These statements involve risks
and uncertainties, and actual events or results may differ
materially. Among the important factors that could cause actual
results to differ materially from those in the forward-looking
statements are the risk that our reduction in operating expenses
may impact our ability to meet our business objectives and achieve
our revenue targets and may not result in the expected improvement
in our profitability; the fact that our future growth depends in
part on further penetrating our addressable market and also growing
internationally, and we may not be successful in doing so; our
dependence on sales of certain products to generate a significant
portion of our revenue; the effect of a decrease in the sales or
change in sales mix of these products would harm our business; the
risks that an economic downturn or economic uncertainty in our key
U.S. and international markets, including due to the COVID-19
pandemic, may adversely affect demand for our products; difficulty
in accurately predicting our future customer demand; the importance
of maintaining the value and reputation of our brand; and other
factors detailed in our Annual Report on Form 10-K for the year
ended December 31, 2019 and our other subsequent filings with the
Securities and Exchange Commission. These forward-looking
statements speak only as of the date hereof or as of the date
otherwise stated herein. Vislink disclaims any obligation to update
these forward-looking statements.
For more information: investors@vislink.com
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