Global Eagle Announces One-for-Twenty-Five Reverse Stock Split
April 15 2020 - 4:30PM
Global Eagle Entertainment Inc. (Nasdaq: ENT) (“Global Eagle,” the
“Company” or “we”), a leading provider of media, content,
connectivity and data analytics to markets across air, sea and
land, today announced that the Company's board of directors has
approved a reverse stock split of the Company's common stock, at a
ratio of 1-for-25, following the approval of the reverse stock
split by the Company's stockholders at the Special Meeting of
Stockholders held on March 17, 2020.
Beginning with the opening of trading on April
16, 2020, the Company's common stock will trade on The Nasdaq
Capital Market ("Nasdaq") on a split-adjusted basis under a new
CUSIP number, 37951D300. The Company's trading symbol will continue
to be "ENT."
The objective of the reverse stock split was to
enable the Company to regain compliance with the Nasdaq minimum
$1.00 bid price requirement and maintain its listing on Nasdaq. The
Company can regain compliance with the Nasdaq requirement by
maintaining a closing bid price of $1.00 per share for a minimum of
ten consecutive trading days on or before May 4, 2020.
The reverse stock split reduced the number of
shares of common stock issued and outstanding from approximately
92,944,935 to approximately 3,717,797. The reverse stock split
affects all stockholders uniformly and will not alter any
stockholder's percentage interest in the Company's common stock,
except for adjustments that may result from the treatment of
fractional shares as described below.
No fractional shares will be issued as a result
of the reverse stock split. Stockholders who would have been
entitled to a fractional share as a result of the reverse stock
split will instead receive a cash payment from the transfer agent
in an amount equal to the fractional share multiplied by the
closing price of our common stock the day before the reverse stock
split became effective. The Company has chosen its transfer
agent, American Stock Transfer & Trust Company,
LLC (“AST”), to act as exchange agent for the reverse stock
split.
About Global Eagle
Global Eagle is a leading provider of media,
content, connectivity and data analytics to markets across air, sea
and land. Global Eagle offers a fully integrated suite of rich
media content and seamless connectivity solutions to airlines,
cruise lines, commercial ships, high-end yachts, ferries and land
locations worldwide. With approximately 1,100 employees and 35
offices on six continents, the Company delivers exceptional service
and rapid support to a diverse customer base. Find out more at:
www.GlobalEagle.com.
Contact:
Peter A. LopezVice President, Finance and
Investor Relations+1
310-740-8624investor.relations@GlobalEagle.com
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