Oblong Announces Reverse Stock Split
Oblong (Nasdaq: OBLG), a multi-stream collaboration solutions provider, has announced a 1-for-40 reverse stock split effective August 23, 2024. The company's shares will begin trading on a split-adjusted basis on the Nasdaq Capital Market on August 26, 2024. This move aims to increase the per-share trading value to meet Nasdaq's continued listing standards.
The reverse split will reduce Oblong's outstanding common shares from approximately 28,242,000 to 710,000. It won't affect stockholders' percentage ownership, except for fractional shares, which will be rounded up. The split will also adjust the exercise or conversion prices of outstanding options, warrants, and preferred stock shares proportionately.
Oblong (Nasdaq: OBLG), un fornitore di soluzioni per la collaborazione multi-stream, ha annunciato un ripristino azionario inverso 1-per-40 che entrerà in vigore il 23 agosto 2024. Le azioni della società cominceranno a essere scambiate sulla base aggiustata in seguito all'operazione nel Mercato Capitale Nasdaq il 26 agosto 2024. Questa mossa mira ad aumentare il valore di scambio per azione per soddisfare gli standard di mantenimento della quotazione di Nasdaq.
Il ripristino inverso ridurrà le azioni ordinarie in circolazione di Oblong da circa 28.242.000 a 710.000. Non influenzerà la percentuale di possesso degli azionisti, a meno delle azioni frazionarie, che saranno arrotondate. L'operazione modificherà anche i prezzi di esercizio o di conversione delle opzioni, dei warrant e delle azioni privilegiate in circolazione in modo proporzionale.
Oblong (Nasdaq: OBLG), un proveedor de soluciones de colaboración multi-stream, ha anunciado un split inverso de acciones 1 por 40 que será efectivo el 23 de agosto de 2024. Las acciones de la compañía comenzarán a cotizar sobre una base ajustada a partir del Mercado de Capitales Nasdaq el 26 de agosto de 2024. Esta medida tiene como objetivo aumentar el valor de negociación por acción para cumplir con los estándares de mantenimiento de cotización de Nasdaq.
El split inverso reducirá las acciones comunes en circulación de Oblong de aproximadamente 28.242.000 a 710.000. No afectará el porcentaje de propiedad de los accionistas, excepto por las acciones fraccionarias, que se redondearán. El split también ajustará los precios de ejercicio o conversión de opciones, warrants y acciones preferenciales en circulación de manera proporcional.
Oblong (Nasdaq: OBLG), 다중 스트림 협업 솔루션 제공업체,는 1대 40의 감자 주식 분할을 2024년 8월 23일 시행한다고 발표했습니다. 회사의 주식은 2024년 8월 26일부터 Nasdaq 자본 시장에서 조정된 기준으로 거래를 시작할 것입니다. 이 조치는 Nasdaq의 지속적인 상장 기준을 충족하기 위해 주당 거래 가치를 증가시키는 것을 목표로 합니다.
감자 주식 분할은 Oblong의 유통 보통주를 약 28,242,000주에서 710,000주로 줄입니다. 이는 주주들의 소유 비율에 영향을 미치지 않지만, 분할 주식은 반올림됩니다. 또한 이 분할은 유통 중인 옵션, 워런트 및 우선주에 대한 행사 또는 전환 가격을 비례적으로 조정합니다.
Oblong (Nasdaq: OBLG), un fournisseur de solutions de collaboration multi-stream, a annoncé un regroupement d'actions inversé 1 pour 40 qui prendra effet le 23 août 2024. Les actions de la société commenceront à se négocier sur une base ajustée à partir du 26 août 2024 sur le marché des capitaux Nasdaq. Cette initiative vise à augmenter la valeur de trading par action afin de répondre aux normes de maintien de cotation de Nasdaq.
Le regroupement inversé réduira les actions ordinaires en circulation d'Oblong d'environ 28 242 000 à 710 000. Cela n’affectera pas le pourcentage de propriété des actionnaires, sauf pour les actions fractionnaires, qui seront arrondies. Le regroupement ajustera également proportionnellement les prix d'exercice ou de conversion des options, des bons et des actions privilégiées en circulation.
Oblong (Nasdaq: OBLG), ein Anbieter von Multi-Stream-Zusammenarbeitslösungen, hat einen 1-für-40 Aktienumtausch bekannt gegeben, der am 23. August 2024 wirksam wird. Die Aktien des Unternehmens werden ab dem 26. August 2024 auf dem Nasdaq Capital Market unter Berücksichtigung des Splits gehandelt. Diese Maßnahme zielt darauf ab, den Handelspreis pro Aktie zu erhöhen, um die fortlaufenden Zulassungsstandards von Nasdaq zu erfüllen.
Der Reverse-Split wird die ausstehenden Stammaktien von Oblong von etwa 28.242.000 auf 710.000 reduzieren. Es wird die prozentuale Eigentümerschaft der Aktionäre nicht beeinflussen, außer bei Bruchteilen von Aktien, die aufgerundet werden. Der Split wird auch die Ausübungspreise oder Umwandlungspreise von ausstehenden Optionen, Warrants und Vorzugsaktien proportional anpassen.
- Potential to meet Nasdaq Capital Market's continued listing standards
- No change in stockholders' percentage ownership interest
- Fractional shares will be rounded up to the nearest whole share
- Significant reduction in the number of outstanding shares from 28,242,000 to approximately 710,000
- Possible indication of financial difficulties or low stock price
Oblong's 1-for-40 reverse stock split is a strategic move to maintain Nasdaq listing compliance, but it's a double-edged sword. While it artificially boosts the share price, it doesn't change the company's fundamental value. The reduction from
This reverse split reflects broader market challenges for small-cap tech companies. Oblong's multi-stream collaboration solutions face fierce competition in a saturated market dominated by giants like Zoom and Microsoft Teams. The split might temporarily boost investor interest, but it doesn't address fundamental issues. Key questions remain:
- How does Oblong differentiate its product?
- What's its path to profitability?
- Can it compete effectively against well-funded rivals?
Shares Will Begin Trading on a Split-Adjusted Basis on August 26, 2024
The reverse stock split is intended to increase the per share trading value of the Company’s common stock to satisfy the Nasdaq Capital Market’s continued listing standards. The reverse stock split will be effected simultaneously for all outstanding shares of the Company’s common stock, and will affect all of the Company’s stockholders uniformly. At the effective time, every 40 issued and outstanding shares of common stock will be converted into one share of common stock. The Company’s common stock has been assigned a new CUSIP number of 674434303 in connection with the reverse stock split. The reverse stock split will not affect any stockholder’s percentage ownership interest in the Company, except to the extent that it results in any of the Company’s stockholders owning a fractional share, as any resulting fractional share will be rounded up to the nearest whole share. The reverse stock split will reduce the number of shares of the Company’s common stock from approximately 28,242,000 shares to approximately 710,000 shares. The reverse stock split will not affect the number of authorized shares of the Company’s common stock or the par value of a share of common stock. Proportionate adjustments will be made to the per share exercise price or conversion price and the number of shares issuable upon the exercise or conversion of all outstanding options, warrants and shares of preferred stock, as applicable.
Information for Stockholders
Stockholders holding their shares in book-entry form with the Company’s transfer agent, Equiniti Trust Company, or in brokerage accounts, do not need to take any action in connection with the reverse stock split. Stockholders holding shares of the Company’s common stock with a bank, broker or other nominee are encouraged to contact their bank, broker or other nominee with any questions regarding their holdings. The Company’s transfer agent is also acting as the exchange agent for the reverse stock split, and will provide instructions to any stockholders holding certificated shares regarding the process for exchanging their share certificates.
Any fractional shares of common stock resulting from the reverse stock split will be rounded up to the nearest whole post-split share and no stockholders will receive cash in lieu of fractional shares.
Additional information regarding the reverse stock split is available in the Company’s definitive proxy statement filed with the
Forward looking and cautionary statements
This press release contains forward-looking statements as defined under Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, that address activities that the Company assumes, plans, expects, believes, intends, projects, estimates or anticipates (and other similar expressions) will, should or may occur in the future are forward-looking statements. The Company’s actual results may differ materially from its expectations, estimates and projections, and consequently you should not rely on these forward-looking statements as predictions of future events. Without limiting the generality of the foregoing, forward-looking statements contained in this press release include statements regarding the impact of the reverse stock split on the per share trading value of the Company’s common stock and the Company’s intention to regain compliance with the Nasdaq Capital Market’s continued listing standards. The forward-looking statements are based on management’s current belief, based on currently available information, as to the outcome and timing of future events, and involve factors, risks, and uncertainties that may cause actual results in future periods to differ materially from such statements. A list and description of these and other risk factors can be found in the Company’s Annual Report on Form 10-K for the year ending December 31, 2023, the Company’s Quarterly Report on Form 10-Q for the three months ended March 31, 2024, the Company’s Quarterly Report on Form 10-Q for the three months ended June 30, 2024 and in other filings made by the Company with the SEC from time to time. Any of these factors could cause the Company’s actual results and plans to differ materially from those in the forward-looking statements. Therefore, the Company can give no assurance that its future results will be as estimated. The Company does not intend to, and disclaims any obligation to, correct, update or revise any information contained herein.
About Oblong, Inc.
Oblong (Nasdaq: OBLG) provides innovative and patented technologies that change the way people work, create, and communicate. Oblong’s flagship product Mezzanine™ is a meeting technology platform that offers simultaneous content sharing to optimize audience engagement and situational awareness. For more information, visit www.oblong.com and Oblong’s Twitter and Facebook pages.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240822241281/en/
Investor Relations Contact:
David Clark
investors@oblong.com
(213) 683-8863 ext. 5
Source: Oblong, Inc.
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