STOCKHOLM, Oct. 1, 2018 /PRNewswire/ -- Neonode Inc.
(NASDAQ: NEON), the optical interactive sensing technology company,
today announced that a 1-for-10 reverse stock split of its issued
and outstanding common stock will be effective as of the
commencement of trading today on Monday,
October 1, 2018.
The split-adjusted shares of common stock will continue trading
under the existing symbol "NEON" on The Nasdaq Capital
Market.
As a result of the reverse stock split, every ten shares of
issued and outstanding common stock will automatically be converted
into one share of common stock. No fractional shares will be
issued as a result of the reverse stock split. Stockholders who
otherwise would be entitled to receive a fractional share in
connection with the reverse stock split will be entitled to a cash
payment in lieu thereof.
Stockholders granted the Board of Directors of Neonode
discretionary authority to effect the reverse stock split at the
annual meeting of stockholders held on June
7, 2018.
In connection with the reverse stock split, the number of
authorized shares of common stock of Neonode will proportionately
decrease to 10 million.
American Stock Transfer & Trust Company, LLC is acting as
exchange agent for the reverse stock split and will provide
information to stockholders of record. Stockholders who hold
their shares in brokerage accounts or "street name" are not
required to take any action to effect the exchange of their
shares.
The new CUSIP number for Neonode common stock following the
reverse stock split will be 64051M709.
For more information, please contact:
Investor Relations
David
Brunton
Email: david.brunton@neonode.com
CFO
Lars Lindqvist
E-mail: lars.lindqvist@neonode.com
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