Actelis Networks Announces 1-For-10 Reverse Stock Split to Aid Compliance With Nasdaq Listing Requirements
Actelis Networks, Inc. (NASDAQ: ASNS) announced a 1-for-10 reverse stock split effective April 18, 2023, to comply with the Nasdaq minimum bid requirement of $1.00 per share under Listing Rule 5550(a)(2). This action is aimed at maintaining the Company's listing on the Nasdaq Global Capital Market. Trading under the adjusted basis began on April 19, 2023. The reverse stock split will affect all shareholders proportionally, with no change to their percentage ownership of the Common Stock. Actelis Networks specializes in cyber-hardened networking solutions for IoT applications across various sectors, including government and utilities.
- The reverse stock split aims to meet Nasdaq listing requirements, potentially stabilizing stock price.
- No dilution of ownership for existing shareholders as ownership percentage remains unchanged.
- Ongoing need for compliance with Nasdaq listing requirements may indicate previous stock price weaknesses.
FREMONT, Calif., April 19, 2023 (GLOBE NEWSWIRE) -- Actelis Networks, Inc. (NASDAQ: ASNS) (“Actelis” or the “Company”), a market leader in cyber-hardened, rapid deployment networking solutions for wide area IoT applications, announced that on April 18, 2023, the Company filed a Certificate of Amendment to the Twenty Fourth Amended and Restated Certificate of Incorporation of the Company with the Secretary of State of the State of Delaware to affect a 1-for-10 reverse stock split (the “Reverse Stock Split”) of the shares of the Company’s common stock (the “Common Stock”). The Common Stock began trading on a Reverse Stock Split-adjusted basis on the Nasdaq Capital Market on April 19, 2023.
The Company undertook the Reverse Stock Split with the objective of meeting the minimum
The Reverse Stock Split impacts all holders of the Common Stock proportionally and does not impact any stockholder’s percentage ownership of Common Stock.
The trading symbol for the Common Stock will remain “ASNS”.
About Actelis Networks, Inc.
Actelis Networks, Inc. (NASDAQ: ASNS) is a market leader in cyber-hardened, rapid-deployment networking solutions for wide-area IoT applications including federal, state and local government, ITS, military, utility, rail, telecom and campus applications. Actelis’ unique portfolio of hybrid fiber-copper, environmentally hardened aggregation switches, high density Ethernet devices, advanced management software and cyber-protection capabilities, unlocks the hidden value of essential networks, delivering safer connectivity for rapid, cost-effective deployment. For more information, please visit www.actelis.com
Forward-looking Statements
This press release contains certain forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are identified by the use of the words "could," "believe," "anticipate," "intend," "estimate," "expect," "may," "continue," "predict," "potential," "project" and similar expressions that are intended to identify forward-looking statements. All forward-looking statements speak only as of the date of this press release. You should not place undue reliance on these forward-looking statements. Although we believe that our plans, objectives, expectations and intentions reflected in or suggested by the forward-looking statements are reasonable, we can give no assurance that these plans, objectives, expectations or intentions will be achieved. Forward-looking statements involve significant risks and uncertainties (some of which are beyond our control) and assumptions that could cause actual results to differ materially from historical experience and present expectations or projections. Actual results to differ materially from those in the forward-looking statements and the trading price for our common stock may fluctuate significantly. Forward-looking statements also are affected by the risk factors described in the Company's filings with the U.S. Securities and Exchange Commission. Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.
Investor Relations Contact:
Matt Glover and Ralf Esper
Gateway Investor Relations
+1 949-574-3860
ASNS@gatewayir.com
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