Support.com, Inc. Announces 1-for-3 Reverse Stock Split; Will Begin Trading on Reverse Split Basis on NASDAQ on January 20, 2...
January 13 2017 - 4:39PM
Business Wire
Support.com, Inc. (NASDAQ:SPRT), makers of Support.com® Cloud
software for Support Interaction Optimization, and a leading
provider of tech support and turnkey support center services, today
announced that a 1-for-3 reverse stock split of its common stock
will be effective at 12:01a.m. Eastern Standard Time on Friday,
January 20, 2017. Trading of the Company’s common stock on The
NASDAQ Capital Market will continue, on a post-split basis, with
the opening of the markets on Friday, January 20, 2017, under the
existing trading symbol “SPRT” and under new CUSIP number
86858W200.
As previously announced, the Company’s stockholders approved a
proposal authorizing the Company’s Board of Directors, in its
discretion, to effect a reverse stock split of the Company’s
outstanding shares of common stock at a ratio ranging from 1-for-3
to 1-for-7 to be determined by the Board, and effected, if at all,
within one year from the date of the stockholder approval. On
December 9, 2016, the Board approved a 1-for-3 reverse stock split
of the common stock and approved the filing of a Certificate of
Amendment to the Restated Certificate of Incorporation of the
Company to effectuate the reverse stock split. The reverse stock
split is intended to increase the per share trading price of the
Company’s common stock to satisfy the $1.00 minimum bid price
requirement for continued listing on The NASDAQ Capital Market.
As a result of the reverse stock split, every three (3) shares
of the Company’s outstanding common stock will be converted into
one (1) share of common stock, without any change in the par value
per share. Fractional shares will not be issued as a result of the
reverse stock split; instead, holders of pre-reverse stock split
shares of the Company’s common stock who otherwise would have been
entitled to receive a fractional share will receive a cash payment
in lieu of such fractional share.
The number of issued and outstanding shares of the Company’s
common stock will be reduced from approximately 55,652,323 shares
to approximately 18,550,774 shares, and the number of authorized
shares of common stock will be reduced from 150,000,000 shares to
50,000,000 shares. The number of authorized shares of preferred
stock will remain the same. The reverse stock split will also
affect the Company’s outstanding stock options and other
exercisable or convertible instruments and will result in the
shares underlying such instruments being reduced and the exercise
price being increased proportionately to the reverse stock split
ratio.
The Company’s transfer agent, Computershare Trust Company, N.A.,
will act as exchange agent for the reverse stock split and will
send instructions to stockholders of record regarding the exchange
of certificates for common stock.
The Company will post a Reverse Stock Split FAQ on its website
at www.support.com
About Support.com
Support.com, Inc. (NASDAQ:SPRT) is the leading provider of
cloud-based software and services to deliver next-generation
technical support. Support.com helps leading brands in software,
electronics, communications, retail, Internet of Things (IoT) and
other connected technology industries deepen their customer
relationships. Customers want technology that works the way it’s
intended. By using Support.com software and services, companies can
deliver a fantastic customer experience, leading to happier
customers, greater brand loyalty and growing revenues.
For more information, please visit http://www.support.com or
follow us @support_com.
Support.com, Inc. is an Equal Opportunity Employer. For more
information, visit http://www.support.com/about-us/careers.
© 2016 Support.com, Inc. All rights reserved. Support.com and
the Support.com logo are trademarks or registered trademarks of
Support.com, Inc. in the United States and other countries. All
other marks are the property of their respective owners.
Safe Harbor for Forward-Looking Statements
This document contains “forward-looking statements” as defined
under the U.S. federal securities laws, including the Private
Securities Litigation Reform Act of 1995, and is subject to the
safe harbors created by such laws. Forward-looking statements
include, for example, all statements relating to stock price
performance and future performance in economic and other terms.
Such forward-looking statements are based on current expectations
that involve a number of uncertainties and risks that may cause
actual events or results to differ materially from those indicated
by such forward-looking statements, including, among others, market
reaction to the reverse stock split and our ability to maintain and
grow revenue. These and other risks may be detailed from time to
time in Support.com’s periodic reports filed with the Securities
and Exchange Commission, including, but not limited to, its latest
Annual Report on Form 10-K and its latest Quarterly Report on Form
10-Q, copies of which may be obtained from www.sec.gov. Support.com
assumes no obligation to update its forward-looking statements,
except as may otherwise be required by the federal securities
laws.
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version on businesswire.com: http://www.businesswire.com/news/home/20170113005733/en/
Support.comInvestor Relations Contact:Jacob Moelter,
+1-650-556-8595Investor Relationsjacob.moelter@support.com
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