Kopin Corporation Announces Plan for Reverse Stock Split
January 10 2020 - 4:10PM
Business Wire
- Special Meeting of Stockholders to approve Reverse Stock
Split scheduled for March 2, 2020
- Preliminary Proxy Statement filed with the U.S. Securities
and Exchange Commission
Kopin Corporation (NASDAQ:KOPN), a leading developer of
innovative wearable computing technologies and solutions, today
announced that its Board of Directors has approved a proposal, to
be submitted to stockholders for approval at a Special Meeting of
Stockholders anticipated to be held on March 2, 2020, to authorize
the Board of Directors to effect a reverse stock split of the
Company’s common stock. The reverse stock split proposal is subject
to stockholder approval and includes a proposed range between
1-for-2 and 1-for-20 shares of outstanding common stock. The final
ratio will be determined by Kopin’s Board of Directors or a duly
authorized committee thereof after stockholder approval. The price
of each common share is expected to increase so that a stockholder
would have fewer but higher priced shares. A reverse stock split
would not have any impact on the voting and other rights of
stockholders and will have no impact on the Company's business
operations.
The reverse stock split is intended to enable Kopin to regain
full compliance with the Nasdaq listing rules. As previously
announced, Kopin will regain compliance with the Nasdaq share price
listing rule if at the last trading day of any month during the
six-month cure period, or at April 6, 2020, the end of the
six-month cure period, the Company has at least a $1.00 share price
and has maintained at least a $1.00 average closing share price
over the preceding 10 consecutive business days. Kopin's common
stock continues to be listed on the Nasdaq and will continue to
trade as usual during the six-month cure period.
Kopin Corporation filed a preliminary proxy statement with the
U.S. Securities and Exchange Commission as required by the SEC
rules. The proposal requires the affirmative vote of a majority of
the Company’s outstanding shares entitled to vote. Stockholders may
obtain a free copy of the preliminary proxy statement and other
documents that the Company files with the SEC at the SEC’s website
at www.sec.gov. The Company will file with the SEC and distribute
to its stockholders a definitive proxy statement regarding the
special meeting and the reverse stock split proposal. The Company
will issue another press release when the definitive proxy
statement is filed.
About Kopin
Kopin Corporation is a leading developer and provider of
innovative wearable technologies and critical components for
integration into wearable computing systems for military,
industrial and consumer products. Kopin's technology portfolio
includes ultra-small displays, optics, speech enhancement
technology, and low-power ASICs. For more information, please visit
Kopin's website at www.kopin.com.
Forward-Looking Statements
Statements in this press release may be considered
"forward-looking statements" within the meaning of Section 27A of
the Securities Act of 1933, as amended (the "Securities Act"), and
Section 21E of the Securities Exchange Act of 1934, as amended (the
"Exchange Act"), which are subject to the safe harbor created by
such sections. Words such as "expects," "believes," "can," "will,"
"estimates," and variations of such words and similar expressions,
and the negatives thereof, are intended to identify such
forward-looking statements. We caution readers not to place undue
reliance on any such "forward-looking statements," which speak only
as of the date made, and advise readers that these forward-looking
statements are not guarantees of future performance and involve
certain risks, uncertainties, estimates, and assumptions by us that
are difficult to predict. These forward-looking statements may
include our expectation that the price of our common shares are
expected to increase. Various factors, some of which are beyond our
control, could cause actual results to differ materially from those
expressed in, or implied by, such forward-looking statements. All
such forward-looking statements, whether written or oral, and
whether made by us or on our behalf, are expressly qualified by
these cautionary statements and any other cautionary statements
that may accompany the forward-looking statements. In addition, we
disclaim any obligation to update any forward-looking statements to
reflect events or circumstances after the date of this press
release, except as may otherwise be required by the federal
securities laws. These forward-looking statements are only
predictions, subject to risks and uncertainties, and actual results
could differ materially from those discussed. Important factors
that could affect performance and cause results to differ
materially from management's expectations are described in Part I,
Item 1A. Risk Factors; Part II, Item 7. Management's Discussion and
Analysis of Financial Condition and Results of Operations; and
other parts of our Annual Report on Form 10-K for the fiscal year
ended December 29, 2018, as amended by Amendment No. 1 thereto on
Form 10-K/A filed on November 7, 2019 or as updated from time to
time in the Company's Securities and Exchange Commission
filings.
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version on businesswire.com: https://www.businesswire.com/news/home/20200110005530/en/
Kopin Corporation Richard Sneider, Treasurer and CFO
508-870-5959 Richard_Sneider@kopin.com or Investor Relations Market
Street Partners Joann Horne, 415-445-3233
JHorne@marketstreetpartners.com
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