Nocopi Technologies Completes 1-for-10 Reverse Stock Split Effective Today

Rhea-AI Summary

Nocopi Technologies, Inc. (NNUP) announced a one-for-ten reverse stock split effective September 2, 2022. Shareholders received one new share for every ten shares held, with fractional shares rounded up. The stock symbol will temporarily change to NNUPD for 20 trading days before reverting to NNUP. This corporate action is aimed at facilitating a private placement transaction, anticipated to enhance its balance sheet and cash position, which was reported at $1,593,400 as of June 30, 2022.

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• The reverse stock split aims to strengthen the balance sheet and increase cash position.
• Cash position reported at $1,593,400 as of June 30, 2022.

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• None.

KING OF PRUSSIA, Pa., Sept. 02, 2022 (GLOBE NEWSWIRE) -- Nocopi Technologies, Inc. (OTC Pink: NNUP), a developer of specialty reactive inks, today announced that the one-for-ten (1:10) reverse stock split of the Company’s common stock is effective as of September 2, 2022 (the “Effective Date”). Nocopi’s SEC filings are available here.

Pursuant to the reverse stock split, Nocopi stockholders received one (1) new share of common stock for every ten (10) shares held prior to the Effective Date. Any fractional shares were rounded up to the next whole share.   Nocopi’s common stock is now trading with a "D" added to the symbol or “NNUPD” to designate that it is trading on a post reverse stock split basis and will resume trading under the symbol "NNUP" after a 20-trading day period has expired.

The reverse stock split will not affect any stockholder’s ownership percentage of the Company’s shares, except to the limited extent that the Reverse Stock Split would result in any stockholder owning a fractional share. The Company’s Board of Directors approved this corporate action to enable a private placement transaction announced August 5, 2022 which is expected to further strengthen the balance sheet and increase the cash position of Nocopi which was $1,593,400 on June 30, 2022.

About Nocopi Technologies (www.nocopi.com)
Nocopi develops and markets specialty reactive inks for unique, mess-free applications in the entertainment, toy and educational product markets. Nocopi also develops and markets document and product authentication technologies designed to combat fraudulent document reproduction, product counterfeiting and/or unauthorized product diversion. Nocopi derives revenue from technology licensing agreements as well as from the sale of its proprietary inks and other products to licensees and/or their licensed printers. Nocopi’s products and systems include trade secrets as well as patented technologies.

Safe Harbor for Forward-Looking Statements
This release may contain projections and other "forward-looking statements" relating to Nocopi’s business, that are often identified by the use of "believes," "expects" or similar expressions. Forward-looking statements involve a number of estimates, assumptions, risks and uncertainties that may cause actual results to differ materially from those anticipated. Forward-looking statements may address uncertainties regarding customer preferences or demand for products incorporating Nocopi technology that underlie the company’s revenue expectations, the company’s ability to develop new products and new product applications, the financial condition of customers and the timeliness of their payments, the impact of fluctuations in currencies, global trade and shipping markets, etc. Actual results could differ from those projected due to numerous factors and uncertainties, and Nocopi can give no assurance that such statements will prove to be correct nor that Nocopi’s actual results of ‎operations, financial condition and performance will not differ materially from those reflected or implied by its forward-‎looking statements. Investors should refer to the risk factors outlined in Nocopi’s Form 10-K and other SEC reports available at www.sec.gov. Forward-looking statements are made as of the date of this news release; Nocopi assumes no obligation to update these statements.

Twitter – Investors: @NNUP_IR

Investor & Media Contacts
Chris Eddy or David Collins
Catalyst IR
212-924-9800
nnup@catalyst-ir.com

FAQ

What is the significance of Nocopi's reverse stock split on NNUP?

The one-for-ten reverse stock split aims to improve the balance sheet and enhance cash position.

When did Nocopi Technologies implement the reverse stock split for NNUP?

The reverse stock split was effective on September 2, 2022.

What will happen to the NNUP stock symbol after the reverse stock split?

The stock will temporarily trade as NNUPD for 20 trading days before reverting to NNUP.

How will the reverse stock split affect Nocopi shareholders?

Shareholders will retain the same ownership percentage, but may receive a whole share instead of fractional shares.

What was Nocopi's cash position before the reverse stock split?

Nocopi's cash position was $1,593,400 as of June 30, 2022.