Mar 14, 2019 2:37 PM
At the Company’s Special Meeting of Stockholders held at
Subsequently, upon approval by the Board of Directors, the Company filed
a certificate of amendment to the Company’s Certificate of
Incorporation, effectuating the one-for-twenty reverse stock split, with
the Secretary of State of the
The reverse stock split affects 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 equity incentive plans. In
addition, the reverse stock split reduces the number of shares of Common
Stock issuable upon the exercise of stock options or warrants
outstanding immediately prior to the reverse split. The par value of the
Company’s Common Stock will remain unchanged at
The reverse stock split will reduce the number of shares of Common Stock issued and outstanding from approximately 125,080,765 to approximately 6,254,038. The authorized number of shares of Common Stock will remain at 500 million.
No fractional shares will be issued in connection with the reverse split. Stockholders who would otherwise be entitled to receive a fractional share will instead receive a cash payment.
About
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. These
forward-looking statements generally include statements that are
predictive in nature and depend upon or refer to future events or
conditions, and include words such as “believes,” “plans,”
“anticipates,” “projects,” “estimates,” “expects,” “intends,”
“strategy,” “future,” “opportunity,” “may,” “will,” “should,” “could,”
“potential,” or similar expressions. Statements that are not historical
facts are forward-looking statements. Forward-looking statements are
based on current beliefs and assumptions that are subject to risks and
uncertainties. Forward-looking statements speak only as of the date they
are made, and the Company undertakes no obligation to update any of them
publicly in light of new information or future events. Actual results
could differ materially from those contained in any forward-looking
statement as a result of various factors. More information, including
potential risk factors, that could affect the Company’s business and
financial results are included in the Company’s filings with the
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