Glowpoint Announces Effectiveness of Previously Announced Reverse Stock Split
April 17 2019 - 4:10PM
Glowpoint, Inc. (NYSE American: GLOW) (“Glowpoint” or the
“Company”), a managed service provider of video collaboration and
network applications, announced today that it has filed an
amendment to its certificate of incorporation that will effect the
previously announced 1-for-10 reverse stock split of the Company's
issued and outstanding shares of common stock. The reverse
stock split will become effective at 5:00 PM Eastern Time on April
17, 2019, and the Company's shares of common stock will begin
trading on a split-adjusted basis on the NYSE American at the
commencement of trading on April 18, 2019 under the Company's
existing trading symbol “GLOW.” The Company's common stock has been
assigned a new CUSIP number of 379887508 in connection with the
reverse stock split.
The reverse stock split is intended to increase the per share
trading value of the Company’s common stock to satisfy the NYSE
American’s continued listing standards. The reverse stock split
will be effected simultaneously for all outstanding shares of the
Company’s common stock, and will affect all of the Company’s
stockholders uniformly. The reverse stock split will not affect any
stockholder’s percentage ownership interest in the Company, except
to the extent that it results in any of the Company’s stockholders
owning a fractional share, as any resulting fractional share will
be rounded up to the nearest whole share. Immediately after the
reverse stock split becomes effective, Glowpoint will have
approximately 5,040,533 shares of common stock outstanding. The
reverse stock split will not affect the number of authorized shares
of Glowpoint’s common stock or the par value of a share of
Glowpoint’s common stock. Proportionate adjustments will be made to
the per share exercise price and the number of shares issuable upon
the exercise or conversion of all outstanding options and other
convertible or exchangeable securities, including issued and
outstanding shares of the Company’s convertible preferred
stock.
Information for Stockholders
Stockholders holding their shares in book-entry form with
Glowpoint’s transfer agent, American Stock Transfer & Trust
Company, LLC, or in brokerage accounts, do not need to take any
action in connection with the reverse stock split.
Stockholders holding shares of the Company’s common stock with a
bank, broker or other nominee are encouraged to contact their bank,
broker or other nominee with any questions regarding their
holdings. Glowpoint’s transfer agent is also acting as the exchange
agent for the reverse stock split, and will provide instructions to
any stockholders holding certificated shares regarding the process
for exchanging their share certificates.
Any fractional shares of common stock resulting from the reverse
stock split will be rounded up to the nearest whole post-split
share and no stockholders will receive cash in lieu of fractional
shares.
About Glowpoint
Glowpoint, Inc. (NYSE American: GLOW) is a managed service
provider of video collaboration and network applications. Our
services are designed to provide a comprehensive suite of automated
and concierge applications to simplify the user experience and
expedite the adoption of video as the primary means of
collaboration. Our customers include Fortune 1000 companies,
along with small and medium sized enterprises in a variety of
industries. To learn more, please visit
www.glowpoint.com.
Forward-looking and cautionary statements
This press release and any oral statements made
regarding the subject of this release contain forward-looking
statements as defined under Section 27A of the Securities Act of
1933, as amended, and Section 21E of the Securities Exchange Act of
1934, as amended, and are made under the safe harbor provisions of
the Private Securities Litigation Reform Act of 1995. All
statements, other than statements of historical facts, that address
activities that Glowpoint assumes, plans, expects, believes,
intends, projects, estimates or anticipates (and other similar
expressions) will, should or may occur in the future are
forward-looking statements. Glowpoint’s actual results may
differ materially from its expectations, estimates and projections,
and consequently you should not rely on these forward-looking
statements as predictions of future events. Without limiting the
generality of the foregoing, forward-looking statements contained
in this press release include statements regarding the impact of
the reverse stock split on the per share trading value of the
Company’s common stock and the Company’s intention to regain
compliance with the NYSE American’s continued listing standards.
The forward-looking statements are based on management’s current
belief, based on currently available information, as to the outcome
and timing of future events, and involve factors, risks, and
uncertainties that may cause actual results in future periods to
differ materially from such statements. A list and
description of these and other risk factors can be found in the
Company’s Annual Report on Form 10-K for the year ending December
31, 2018 and in other filings made by the Company with the SEC from
time to time. Any of these factors could cause Glowpoint’s
actual results and plans to differ materially from those in the
forward-looking statements. Therefore, Glowpoint can give no
assurance that its future results will be as estimated.
Glowpoint does not intend to, and disclaims any obligation to,
correct, update or revise any information contained herein.
INVESTOR CONTACT:
Investor Relations Glowpoint, Inc. +1 303-640-3840
investorrelations@glowpoint.com www.glowpoint.com
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