LifeVantage Announces 7:1 Reverse Stock Split
October 16 2015 - 12:55PM
LifeVantage Corporation (NASDAQ:LFVN) (“LifeVantage” or the
“Company”) today announced a 7:1 reverse split of its common stock,
which is expected to be effective as of 12:01 a.m. Mountain
Daylight Time on October 19, 2015. Beginning with the opening of
trading on October 19, 2015, the Company expects its common stock
will trade on the Nasdaq Capital Market on a split adjusted basis.
At LifeVantage’s fiscal year 2016 annual meeting
of shareholders on October 15, 2015, the Company’s shareholders
authorized the Board of Directors to amend the Company’s Amended
and Restated Articles of Incorporation to effect a reverse stock
split at a ratio of not less than 3:1 nor greater than 8:1, with
the final ratio to be selected by the Company’s Board of Directors
in its discretion following shareholder approval. The Board
of Directors engaged an investment banking firm to provide advice
regarding the split ratio and, following the annual meeting on
October 15, 2015, approved the reverse stock split and determined
the ratio to be 7:1.
Upon the effectiveness of the reverse stock
split, every seven (7) shares of LifeVantage common stock
outstanding will automatically be combined into one (1) share of
common stock with no change in par value per share. Proportionate
adjustments will be made to (i) the per share exercise price and
the number of shares of common stock that may be purchased upon
exercise of outstanding stock options and warrants to purchase
shares of the Company’s common stock and (ii) the number of
authorized shares of common stock reserved for future issuance
under the Company’s equity compensation plans.
The Company’s common stock will continue to
trade on NASDAQ under the symbol “LFVN.” The new CUSIP number for
the common stock following the reverse stock split is
53222K205.
No fractional shares will be issued following
the reverse stock split. Any fractional shares resulting from the
reverse stock split will be rounded up to the next whole share.
Registered stockholders holding their shares of
common stock in book-entry or through a bank, broker or other
nominee form do not need to take any action in connection with the
reverse stock split. For those stockholders holding physical stock
certificates, the Company's transfer agent, Computershare, will
send instructions for exchanging those certificates for new
certificates representing the post-split number of shares.
Computershare can be reached at (800) 962-4284.
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 September 11,
2015, a copy of which is also available at www.sec.gov or at
www.lifevantage.com under Financial Information on the
Investor Relations page.
Reiterating Fiscal Year 2016
Guidance
The Company is reiterating its fiscal year 2016
annual guidance; earnings per share outlook is updated based on the
adjusted share count following effectiveness of the reverse stock
split. The Company continues to expect to generate revenue in the
range of $195 million to $210 million in fiscal year 2016 and to
achieve operating margin in the range of 8.5% to 10.5%. Following
the reverse stock split, the Company now expects earnings per
diluted share in the range of $0.56 to $0.77, based on an estimated
14.3 million diluted shares and a 36% effective tax rate. The
Company’s previous earnings per share range was $0.08 to $0.11,
based on an estimated 100 million diluted shares.
The Company plans to report first quarter fiscal
year 2016 financial results during the first week of November
2015.
About LifeVantage Corporation
LifeVantage Corporation (Nasdaq:LFVN), is a science based
network marketing company dedicated to visionary science that looks
to transform health, wellness and anti-aging internally and
externally at the cellular level. The company is the maker of
Protandim®, the Nrf2 Synergizer® patented dietary supplement,
the TrueScience™ Anti-Aging Skin Care Regimen, Canine Health,
and the AXIO™ energy product line. LifeVantage was founded in
2003 and is headquartered in Salt Lake City, Utah.
Forward Looking Statements
This press release contains forward-looking statements made
pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. Words and expressions reflecting
optimism, satisfaction or disappointment with current prospects, as
well as words such as "believe," "hopes," "intends," "estimates,"
"expects," "projects," "plans," "anticipates," "look forward to",
"focus", "design" and variations thereof, identify forward-looking
statements, but their absence does not mean that a statement is not
forward-looking. Examples of forward-looking statements include,
but are not limited to, statements we make regarding the timing of
the effectiveness of our reverse stock split, our continued listing
on NASDAQ and our future financial performance, including projected
revenue and diluted earnings per share. Such forward-looking
statements are not guarantees of performance and the Company's
actual results could differ materially from those contained in such
statements. These forward-looking statements are based on the
Company's current expectations and beliefs concerning events
affecting the Company and involve known and unknown risks and
uncertainties that may cause the Company's actual results or
outcomes to be materially different from those anticipated and
discussed herein. These risks and uncertainties include, among
others, those discussed in greater detail in the Company's Annual
Report on Form 10-K and the Company's Quarterly Report on Form 10-Q
under the caption "Risk Factors," and in other documents filed by
the Company from time to time with the Securities and Exchange
Commission. The Company cautions investors not to place undue
reliance on the forward-looking statements contained in this
document. All forward-looking statements are based on information
currently available to the Company on the date hereof, and the
Company undertakes no obligation to revise or update these
forward-looking statements to reflect events or circumstances after
the date of this document, except as required by law.
Investor Relations Contact:
Cindy England (801) 432-9036
Director of Investor Relations
-or-
John Mills (646) 277-1254
Partner, ICR INC
Lifevantage (NASDAQ:LFVN)
Historical Stock Chart
From Mar 2024 to Apr 2024
Lifevantage (NASDAQ:LFVN)
Historical Stock Chart
From Apr 2023 to Apr 2024