MoSys Announces 1-for-10 Reverse Stock Split
February 14 2017 - 4:07PM
MoSys, Inc. (NASDAQ:MOSY), a leader in semiconductor solutions
that enable fast, intelligent data access for Cloud, network and
communications systems, today announced that as of 5:00 p.m.
Eastern Time on February 15, 2017, it will effect a 1-for-10
reverse stock split of its outstanding common stock, which will be
effective for trading purposes as of the commencement of trading on
February 16, 2017.
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 (NASDAQ). Trading of the
Company’s common stock on NASDAQ will continue, on a post-split
basis, with the opening of the markets on February 16, 2017, under
the existing trading symbol “MOSY” and under a new CUSIP number,
619718208. The reverse stock split will reduce the number of
outstanding shares of the Company’s common stock from approximately
66 million shares pre-reverse split to approximately 6.6 million
shares post-reverse split.
The number of authorized shares of common stock
will remain unchanged and the par value per share will be reduced
to $0.001. As a result of the reverse stock split, every ten shares
of the Company’s pre-reverse split common stock will be combined
and reclassified into one share of common stock. Proportionate
voting rights and other rights of common stock holders will not be
affected by the reverse stock split. No fractional shares will be
issued in connection with the reverse stock split; stockholders who
would otherwise hold a fractional share of the Company’s common
stock will receive cash in an amount equal to the product obtained
by multiplying (i) the closing sale price of the common stock on
the effective date of the reverse stock split as reported on
NASDAQ, by (ii) the number of shares of the common stock held by
the stockholder that would otherwise have been exchanged for the
fractional share interest.
All stock options and restricted stock units
outstanding and common stock reserved for issuance under the
Company’s equity incentive plans immediately prior to the reverse
stock split will be appropriately adjusted by dividing the number
of affected shares of common stock by 10 and, as applicable,
multiplying the exercise price by 10, as a result of the reverse
stock split.
The Company’s transfer agent, Wells Fargo
Shareowner Services, is acting as exchange agent for the reverse
stock split and will send instructions to stockholders of record
regarding the exchange of certificates for common stock for
uncertificated shares of common stock. Stockholders owning shares
via a broker or other nominee will have their positions
automatically adjusted to reflect the reverse stock split, subject
to the brokers' particular processes, and will not be required to
take any action in connection with the reverse stock split.
Additional information about the reverse stock
split can be found in the Company’s Definitive Proxy Statement
filed with the Securities and Exchange Commission (SEC) on June 6,
2016, a copy of which is available at www.sec.gov or at
the Company’s website at www.mosys.com. Additional information
regarding this reverse stock split can be found in the Company’s
Form 8-K filed with the SEC on February 14, 2017.
About MoSys, Inc.MoSys, Inc.
(NASDAQ:MOSY) is a fabless semiconductor company enabling leading
equipment manufacturers of Cloud, networking, communications, and
data center systems to address the continual increase in Internet
users, data and services. The company's solutions deliver data path
connectivity, speed and intelligence while eliminating data access
bottlenecks on line cards and systems scaling from 100G to
multi-terabits per second. Engineered and built for
high-reliability carrier and enterprise applications, MoSys'
Bandwidth Engine®, Programmable Search Engine, and LineSpeed™ IC
product families are based on the company's patented
high-performance, high-density intelligent access and high-speed
serial interface technology, and utilize the company's highly
efficient GigaChip® Interface. MoSys is headquartered in Santa
Clara, California. More information is available at
www.mosys.com.
Bandwidth Engine, GigaChip, and MoSys are
registered trademarks of MoSys, Inc. in the US and/or other
countries. LineSpeed and the MoSys logo are trademarks of MoSys,
Inc. All other marks mentioned herein are the property of their
respective owners.
Contacts:
Jim Sullivan, CFO
MoSys, Inc.
+1 (408) 418-7500
jsullivan@mosys.com
Beverly Twing, Sr. Acct. Manager
Shelton Group, Investor Relations
+1 (214) 272-0089
btwing@sheltongroup.com
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