Remote Monitoring and Control Solutions Provider Acorn Announces 1-for-16 Reverse Stock Split Intended to Make its Shares Accessible to a Broader Range of Investors
- Q2'23 revenue grew 22% and net income positive
- Expects long-term net profit growth of 20%
- Cash at June 30, 2023, was $1.6M with no debt
- None.
WILMINGTON, Del., Sept. 07, 2023 (GLOBE NEWSWIRE) -- Acorn Energy, Inc. (OTCQB: ACFN), a provider of remote monitoring and control solutions for stand-by power generators, gas pipelines, air compressors and other critical industrial equipment, announced that its Board of Directors has approved a reverse split of its Common Stock at a ratio of 1-for-16. The reverse split is intended to increase the market price of the Company's Common Stock and make Acorn’s shares accessible to a broader range of investors, including institutions and those unable to purchase or recommend low-priced stocks.
Jan Loeb, Acorn’s President and CEO, commented, “Based on Acorn’s strong financial position and solid growth prospects, our Board of Directors has approved a reverse split in an effort to make our common stock accessible to a larger base of investors. Acorn shareholders have authorized the Board to pursue a reverse split each year, for the last several years. We believe this action should also support our longer-term objective to up-list our shares to a major national exchange.
“Acorn’s total revenue grew
“Acorn had
Reverse Stock Split Details
Acorn expects its common stock to begin trading on a reverse-split-adjusted basis, under the temporary symbol “ACFND,” effective with the opening of the OTCQB market on Friday, September 8, 2023. The fifth character “D” will remain appended to the Company’s symbol for 20 trading days, at which point it will revert back to “ACFN.” The new CUSIP number for the Common Stock following the reverse stock split will be 004848206.
No fractional shares will be issued in connection with the reverse stock split. Each stockholder that would have been entitled to receive a fractional share of Common Stock as a result of the reverse stock split will instead receive a cash payment in lieu of such fractional share.
The reverse stock split will reduce Acorn’s issued and outstanding Common Stock from 39.76 million shares to approximately 2.48 million shares. The reverse split will affect neither the par value of the Common Stock nor the number of authorized shares.
The Company's transfer agent, Equiniti Trust Company, LLC will act as exchange agent and paying agent for the reverse stock split. Equiniti will provide stockholders of record holding certificates representing pre-split shares of the Company's Common Stock as of the effective date a letter of transmittal providing instructions for the exchange of shares. Stockholders owning shares via a broker, bank, trust or other nominee, as well as registered stockholders holding shares electronically in book-entry form, are not required to take any action to receive post-split shares.
About Acorn (www.acornenergy.com) and OmniMetrix™ (www.omnimetrix.net)
Acorn Energy, Inc. owns a
Safe Harbor Statement
This press release includes forward-looking statements, which are subject to risks and uncertainties. There is no assurance that Acorn will be successful in growing its business and revenues, remaining cash flow positive or maintaining profitability. A complete discussion of the risks and uncertainties that may affect Acorn Energy’s business, including the business of its subsidiary, is included in “Risk Factors” in the Company’s most recent Annual Report on Form 10-K as filed by the Company with the Securities and Exchange Commission.
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Investor Relations Contacts
Catalyst IR
William Jones, 267-987-2082
David Collins, 212-924-9800
acfn@catalyst-ir.com