WaveDancer Announces Reverse Stock Split
October 17 2023 - 9:00AM
WaveDancer, Inc., (NASDAQ: WAVD) announced today a reverse stock
split of its common stock ("Reverse Split") of one post-split share
for every ten pre-split shares. The Company expects that the common
stock will begin trading on a split-adjusted basis at the open of
trading on Wednesday, October 18, 2023, under the new CUSIP number
456696202. The Reverse Split is an effort to regain compliance with
Nasdaq's listing rules.
The Company obtained shareholder approval for
the Reverse Split at its annual meeting of shareholders on October
11, 2023. The Company's board of directors then approved the
Reverse Split ratio of 1 for 10. The principal purpose of the
Reverse Split is to decrease the total number of shares of common
stock outstanding and proportionately increase the market price of
the common stock in order to meet the continued listing
requirements of the Nasdaq Capital Market. The Company's common
stock will continue to trade under the symbol "WAVD."
As a result of the Reverse Split, every ten
shares of the Company's common stock issued and outstanding will be
automatically reclassified into one new share of common stock. The
Reverse Split will not modify any rights or preferences of the
shares of the Company's common stock. Proportionate adjustments
will be made to the exercise prices and the number of shares
underlying the Company's outstanding equity awards and warrants, as
applicable. No fractional share will be issued as a result of the
Reverse Split and any fractional share otherwise issuable to a
shareholder will be rounded up to the nearest whole number. The
common stock issued pursuant to the Reverse Split will remain fully
paid and non-assessable. The Reverse Split will not affect the
number of authorized shares of common stock or the par value of the
common stock.
Issuer Direct Corporation has been appointed by
the Company to act as its exchange agent for the Reverse Split.
Stockholders owning pre-split shares via a bank, broker or other
nominee will have their positions automatically adjusted to reflect
the Reverse Split and will not be required to take further action
in connection with the Reverse Split, subject to brokers'
particular processes. Similarly, registered stockholders holding
pre- split shares of the Company's common stock electronically in
book-entry form are also not required to take further action in
connection with the Reverse Split. Holders of certificated shares
will be contacted by the Company or its exchange agent with further
details about how to surrender old certificates.
For more information, please visit
https://ir.wavedancer.com.
About WaveDancer
WaveDancer, based in Fairfax, VA, has been
servicing federal and commercial customers since 1979. The Company
is in the business of developing and maintaining information
technology (“IT”) systems, modernizing client information systems,
and performing other IT-related professional services to government
and commercial organizations.
Additional information
for investors
This release may contain forward-looking
statements regarding the Company's business, customer prospects, or
other factors that may affect future earnings or financial results.
Such statements involve risks and uncertainties which could cause
actual results to vary materially from those expressed in the
forward-looking statements. Investors should read and understand
the risk factors detailed in the Company's 10-K for the fiscal year
ended December 31, 2022 and in other filings with the Securities
and Exchange Commission.
For investor
inquiries contact:
Tim HannonCFOInvestors@wavedancer.com
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