Fortinet Announces Five-for-One Stock Split
Fortinet (NASDAQ: FTNT) announced a five-for-one forward stock split, effective June 22, 2022. This decision follows prior disclosure on April 22, 2022. The stock split requires stockholder approval during the Annual Meeting on June 17, 2022, which will also address an Amended Certificate of Incorporation to increase authorized shares. If approved, each share will convert to five, with trading on a split-adjusted basis starting around June 23, 2022. This marks Fortinet's second stock split, the first being a two-for-one split in 2011.
- Stock split could enhance liquidity and attract more investors.
- Previous successful stock split in 2011 suggests potential positive market reception.
- The stock split is contingent upon stockholder approval, creating uncertainty.
- Potential dilution of shares if more authorized shares are issued.
SUNNYVALE, Calif., June 09, 2022 (GLOBE NEWSWIRE) --
News Summary
Fortinet® (NASDAQ: FTNT), a global leader in broad, integrated and automated cybersecurity solutions, today announced its intention to implement its previously announced five-for-one forward stock split (the “Stock Split”) on June 22, 2022. Fortinet previously disclosed the Stock Split on April 22, 2022, and further details on the Stock Split were included in Fortinet’s definitive proxy statement (the “Proxy Statement”) relating to Fortinet’s Annual Meeting of Stockholders to be held on June 17, 2022 (the “2022 Annual Meeting”).
The Stock Split is contingent upon stockholder approval at the 2022 Annual Meeting of an Amended and Restated Certificate of Incorporation (the “Restated Certificate”) that would increase the number of authorized shares of Fortinet’s common stock and implement the Stock Split, among certain other changes described in the Proxy Statement.
If Fortinet’s stockholders approve the Stock Split at the 2022 Annual Meeting then, upon the filing of the Restated Certificate, each share of Fortinet’s common stock outstanding on June 22, 2022 will be split into five shares of common stock. Trading is expected to begin on a split-adjusted basis on or around June 23, 2022.
For additional details, please see the Proxy Statement filed with the U.S. Securities and Exchange Commission on May 2, 2022.
This will be the second time that Fortinet has split its stock, having implemented in 2011 a two-for-one stock split.
About Fortinet
Fortinet (NASDAQ: FTNT) makes possible a digital world that we can always trust through its mission to protect people, devices, and data everywhere. This is why the world’s largest enterprises, service providers, and government organizations choose Fortinet to securely accelerate their digital journey. The Fortinet Security Fabric platform delivers broad, integrated, and automated protections across the entire digital attack surface, securing critical devices, data, applications, and connections from the data center to the cloud to the home office. Ranking #1 in the most security appliances shipped worldwide, more than 580,000 customers trust Fortinet to protect their businesses. And the Fortinet NSE Training Institute, an initiative of Fortinet’s Training Advancement Agenda (TAA), provides one of the largest and broadest training programs in the industry to make cyber training and new career opportunities available to everyone. Learn more at https://www.fortinet.com, the Fortinet Blog, or FortiGuard Labs.
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Copyright © 2022 Fortinet, Inc. All rights reserved. The symbols ® and ™ denote respectively federally registered trademarks and common law trademarks of Fortinet, Inc., its subsidiaries and affiliates. Fortinet’s trademarks include, but are not limited to, the following: Fortinet, the Fortinet logo, FortiGate, FortiOS, FortiGuard, FortiCare, FortiAnalyzer, FortiManager, FortiASIC, FortiClient, FortiCloud, FortiCore, FortiMail, FortiSandbox, FortiADC, FortiAI, FortiAP, FortiAppEngine, FortiAppMonitor, FortiAuthenticator, FortiBalancer, FortiBIOS, FortiBridge, FortiCache, FortiCall, FortiCam, FortiCamera, FortiCarrier, FortiCASB, FortiCenter, FortiCentral, FortiConnect, FortiController, FortiConverter, FortiCWP, FortiDB, FortiDDoS, FortiDeceptor, FortiDirector, FortiDNS, FortiEDR, FortiExplorer, FortiExtender, FortiFirewall, FortiFone, FortiGSLB, FortiHypervisor, FortiInsight, FortiIsolator, FortiLocator, FortiLog, FortiMeter, FortiMoM, FortiMonitor, FortiNAC, FortiPartner, FortiPenTest, FortiPhish, FortiPortal, FortiPresence , FortiProtect, FortiProxy, FortiRecorder, FortiReporter, FortiSASE, FortiScan, FortiSDNConnector, FortiSIEM, FortiSDWAN, FortiSMS, FortiSOAR, FortiSwitch, FortiTester, FortiToken, FortiTrust, FortiVoice, FortiVoIP, FortiWAN, FortiWeb, FortiWiFi, FortiWLC, FortiWLCOS and FortiWLM.
Other trademarks belong to their respective owners. Fortinet has not independently verified statements or certifications herein attributed to third parties and Fortinet does not independently endorse such statements. Notwithstanding anything to the contrary herein, nothing herein constitutes a warranty, guarantee, contract, binding specification or other binding commitment by Fortinet or any indication of intent related to a binding commitment, and performance and other specification information herein may be unique to certain environments. This news release may contain forward-looking statements that involve uncertainties and assumptions, such as statements regarding the possible stock split, among others. Changes of circumstances, failure to meet conditions required to implement the stock split, or other risks as stated in our filings with the Securities and Exchange Commission, located at www.sec.gov, may cause results to differ materially from those expressed or implied in this press release. If the uncertainties materialize or the assumptions prove incorrect, results may differ materially from those expressed or implied by such forward-looking statements and assumptions. All statements other than statements of historical fact are statements that could be deemed forward-looking statements. Fortinet assumes no obligation to update any forward-looking statements, and expressly disclaims any obligation to update these forward-looking statements.
| Media Contact: | Investor Contact: | Analyst Contact: |
| Tiffany Curci | Peter Salkowski | Rebecca Bergman |
| Fortinet, Inc. | Fortinet, Inc. | Fortinet, Inc. |
| 408-235-7700 | 408-331-4595 | 650-554-0941 |
| pr@fortinet.com | psalkowski@fortinet.com | analystrelations@fortinet.com |
FAQ
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