Bridgeline Digital Announces 1-for-5 Reverse Stock Split
July 24 2017 - 4:01PM
Bridgeline Digital, Inc. (NASDAQ:BLIN) (the “Company”) announced
today that it will effect a one-for-five (1-for-5) reverse stock
split previously approved by the Company’s Board of Directors and
its stockholders at the Company’s annual meeting held on June 29,
2017. The one-for-five (1-for-5) reverse stock split will be
effective as of close of business on July 24, 2017 and the
Company’s stock will begin trading on a split-adjusted basis on
July 25, 2017.
The reverse stock split will reduce the number
of shares of the Company’s common stock currently outstanding from
approximately 21 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, and to the number of
shares issued and issuable under the Company’s stock option plans.
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 10807Q403.
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 May 16, 2017,
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™, helps customers maximize the performance of their full
digital experience – from websites and intranets to online stores
and campaigns. Bridgeline’s iAPPS® platform deeply integrates Web
Content Management, eCommerce, eMarketing, Social Media management,
and Web Analytics to help marketers deliver digital experiences
that attract, engage and convert their customers across all
channels. Headquartered in Burlington, Mass., 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:
Company Contact
Bridgeline Digital, Inc.:
Michael D. Prinn
Chief Financial Officer
(781)497-3016
mprinn@bridgeline.com
Investor Relations Contact:
Hayden IR
Brett Maas/Cameron Donahue
(646)536-7331/(651)653-1854
brett@haydenir.com or cameron@haydenir.com
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