Bridgeline Digital Announces 1-for-5 Reverse Stock Split
May 04 2015 - 4:10PM
Bridgeline Digital, Inc. (Nasdaq:BLIN) (the "Company") announced
today that it will effect a 1-for-5 reverse stock split previously
approved by the Company's stockholders at a special meeting held on
May 4, 2015. The 1-for-5 reverse stock split will be effective as
of close of business on May 7, 2015 and the Company's stock will
begin trading on a split-adjusted basis on May 8, 2015.
The reverse stock split will reduce the number of shares of the
Company's common stock currently outstanding from approximately 22
million shares to approximately 4 million shares. Proportional
adjustments will be made to the conversion and exercise prices of
the Company's outstanding convertible preferred stock, warrants,
restricted stock awards, convertible notes and stock options, and
to the number of shares issued and issuable under the Company's
Amended and Restated Stock Incentive Plan. The number of authorized
shares of the Company's common stock will remain 50 million shares
and the par value will remain $0.001.
The reverse stock split is intended to increase the market price
per share of the Company's common stock to allow the Company to
maintain the listing of its common stock on The NASDAQ Capital
Market. The Company's common stock will continue to trade on The
NASDAQ Capital Market under the symbol "BLIN". The new CUSIP number
for the common stock following the reverse stock split will be
10807Q304.
Information for Stockholders
Upon the effectiveness of the reverse split, each five shares of
the Company's issued and outstanding common stock will be
automatically combined and converted into one issued and
outstanding share of common stock, par value $.001. The Company
will not issue any fractional shares in connection with the reverse
stock split. Instead, fractional share interests will be rounded up
to the next largest whole share. The reverse stock split will not
modify the rights or preferences of the common stock.
The Company's transfer agent, American Stock Transfer and Trust
Company, LLC, will act as its exchange agent for the reverse stock
split. American Stock Transfer and Trust Company, LLC will provide
stockholders of record holding certificates representing pre-split
shares of the Company's common stock as of the effective date a
letter of transmittal providing instructions for the exchange of
shares. 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.
Shareholders 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 action in connection with the reverse stock split.
American Stock Transfer and Trust Company, LLC can be reached at
(877)248-6417 or (718)921-8317.
Additional information about the reverse stock split can be
found in the Company's definitive proxy statement filed with the
Securities and Exchange Commission on March 26, 2015, a copy of
which is also available at www.sec.gov or www.bridgelinedigital.com
under the SEC Filings tab located on the Investor Information
page.
About Bridgeline Digital
Bridgeline Digital, The Digital Engagement Company™, enables its
customers to maximize the performance of their mission critical
websites, intranets, and online stores. Bridgeline's iAPPS® web
engagement platform deeply integrates Content Management,
eCommerce, eMarketing, Social Media management, and Web Analytics
to help marketers deliver online experiences that attract, engage
and convert their customers across all digital channels. Bridgeline
provides end-to-end Digital Engagement solutions and boasts an
award-winning team of interactive services professionals.
Headquartered in Burlington, Mass, with nine additional locations
throughout the United States and a .NET development center in
Bangalore, India. Bridgeline has thousands of quality
customers that range from small and medium-sized organizations to
Fortune 1000 companies. To learn more, please visit
www.bridgeline.com or call (800) 603-9936.
Safe Harbor Statement under the Private Securities
Litigation Reform Act of 1995
All statements included in this press release, other than
statements or characterizations of historical fact, are
forward-looking statements. These forward-looking statements are
based on our current expectations, estimates and projections about
our industry, management's beliefs, and certain assumptions made by
us, all of which are subject to change. Forward-looking statements
can often be identified by words such as "anticipates," "expects,"
"intends," "plans," "predicts," "believes," "seeks," "estimates,"
"may," "will," "should," "would," "could," "potential," "continue,"
"ongoing," similar expressions, and variations or negatives of
these words. These forward-looking statements are not guarantees of
future results and are subject to risks, uncertainties and
assumptions, including, but not limited to, the impact of the
weakness in the U.S. and international economies on our business,
our inability to manage our future growth effectively or
profitably, fluctuations in our revenue and quarterly results, our
license renewal rate, the impact of competition and our ability to
maintain margins or market share, the limited market for our common
stock, the ability to maintain our listing on the NASDAQ Capital
Market, the ability to raise capital, the volatility of the market
price of our common stock, the performance of our products, our
ability to respond to rapidly evolving technology and customer
requirements, our ability to protect our proprietary technology,
the security of our software, our dependence on our management team
and key personnel, our ability to hire and retain future key
personnel, or our ability to maintain an effective system of
internal controls as well as other risks described in our filings
with the Securities and Exchange Commission. Any of such
risks could cause our actual results to differ materially and
adversely from those expressed in any forward-looking statement. We
expressly disclaim any obligation to update any forward-looking
statement.
CONTACT: Bridgeline Digital, Inc.
Michael Prinn
Executive Vice President
& Chief Financial Officer
781.497.3016
mprinn@bridgeline.com
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