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Common Stock Will Begin Trading on a Split-Adjusted Basis on January 24, 2024
Inseego Corp. (NASDAQ:INSG) (the "Company") today announced that it intends to effect a 1-for-10 reverse stock split of its issued and outstanding shares of common stock (the "Reverse Stock Split") that will become effective after the close of the market at 5:00 p.m. Eastern Time on January 23, 2024 (the "Effective Time"). The Company's common stock is therefore expected to begin trading on a split-adjusted basis the following morning when the market opens on January 24, 2024. The Company's common stock will continue to trade on the Nasdaq Global Select Market under the symbol "INSG" but will have a new CUSIP number following the Reverse Stock Split that is 45782B302.
As previously disclosed, at the Company's annual meeting of stockholders held on September 5, 2023, the Company's stockholders voted to approve an amendment to the Company's Charter to effect a Reverse Stock Split of the Company's common stock at a ratio of between 1-for-5 and 1-for-10, with such ratio and the implementation and timing of such Reverse Stock Split to be determined by the Company's board of directors. The board of directors subsequently approved the implementation of a 1-for-10 Reverse Stock Split.
As a result of the Reverse Stock Split, each share of common stock issued and outstanding immediately prior to the Effective Time will be automatically reclassified as and converted into one-tenth (1/10) of a share of common stock. The Reverse Stock Split will affect all stockholders uniformly and will not alter any stockholder's percentage interest in the Company's equity, except to the extent that the Reverse Stock Split would result in a stockholder owning a fractional share. No fractional shares will be issued in connection with the Reverse Stock Split. Stockholders who otherwise would be entitled to receive a fractional share will instead be entitled to receive cash in lieu of such fractional share from the Company's transfer agent, Computershare.
The Reverse Stock Split will not change the par value of the common stock or the authorized number of shares of common stock. All outstanding convertible notes entitling their holders to purchase or obtain or convert into shares of our common stock will be adjusted, as required by the terms of these securities.
Posted In: INSG
