WidePoint to Effectuate Reverse Stock Split
23 Ottobre 2020 - 11:00PM
WidePoint Corporation (NYSE
American: WYY), the
leading provider of Trusted Mobility Management (TM2) specializing
in Telecommunications Lifecycle Management, Identity Management and
Digital Billing & Analytics solutions, today announced that a
1-for-10 reverse stock split of the Company’s common stock will
become effective on Friday, November 6, 2020 at 5:00 p.m. Eastern
time. Trading of the Company’s common stock on a post-split basis
will begin on Monday, November 9, 2020.
On August 24, 2020, the stockholders of the
Company approved the reverse stock split at a special meeting of
stockholders. Subsequent to the meeting’s end, the board of
directors of the Company approved the implementation of the reverse
stock split at the ratio of 1-for-10.
“We are confident that completing a reverse
stock split and thereby increasing the per share trading price of
our common stock will better position WidePoint for long-term
success,” said Jin Kang, President and Chief Executive Officer.
“While many companies effectuate a reverse split out of necessity,
we are doing so from a position of strength. WidePoint is in the
midst of one of its most financially and operationally successful
years, and we are taking proactive measures to expand upon that
momentum. We believe that increasing the price per share will make
the Company’s stock more attractive to investors and analysts,
which we believe will benefit current and prospective shareholders
over the long-run.”
Trading of the Company’s common stock on the
NYSE American Market will continue under the symbol “WYY.” The new
CUSIP number for the Company’s common stock following the reverse
stock split will be 967590 209. No fractional shares will be issued
as a result of the reverse stock split. Any holders of the
Company’s common stock who would otherwise be entitled to a
fractional share will have such share rounded up to the next whole
share.
The Company’s transfer agent, American Stock
Transfer & Trust Company, will act as exchange agent for the
reverse stock split.
- Stockholders
owning shares via a broker or other nominee will have their
positions automatically adjusted to reflect the reverse stock
split, subject to brokers’ particular processes, and will not be
required to take any action in connection with the reverse stock
split.
- Registered
stockholders holding pre-split shares of the Company’s common stock
electronically in book-entry form are not required to take any
action to receive post-split shares.
- Stockholders of
record holding certificates representing pre-split shares of the
Company’s common stock as of the effective time will receive a
letter of transmittal from American Stock Transfer & Trust
Company providing instructions regarding the exchange of
shares.
Additional information regarding the reverse
stock split is available in the definitive proxy statement filed by
the Company with the U.S. Securities and Exchange Commission
(“SEC”) on July 8, 2020.
About WidePointWidePoint Corporation (NYSE
American: WYY) is a leading provider of trusted mobility management
(TM2) solutions, including telecom management, mobile management,
identity management, and digital billing and analytics. For more
information, visit widepoint.com.
Investor Relations:Gateway Investor
RelationsMatt Glover or Charlie
Schumacher949-574-3860, WYY@gatewayir.com
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