Vislink Technologies, Inc. (NASDAQ:VISL) (“Vislink” or the “Company”), today announced that it will effect a 1-for-20 reverse stock split (“Reverse Split”) of its common stock, $0.00001 par value per share (“Common Stock”), that will become effective on May 1, 2023 at 12:01 a.m. EST. The shares of the Company’s common stock are expected to begin trading on the NASDAQ Capital Market (“NASDAQ”) on a post-split basis on May 1, 2023. No change was made to the trading symbol for the Company’s shares of common stock, “VISL” in connection with the Reverse Split.
The Company expects that the Reverse Split will allow the Company to regain compliance with the $1.00 minimum bid price requirement of the Nasdaq Capital Market. The new CUSIP number for the Common Stock following the Reverse Split will be 92836Y409.
At the Company’s special meeting of stockholders held on January 11, 2023 (the “Special Meeting”), the Company’s stockholders approved the proposal to authorize the Company’s Board of Directors (the “Board”), in its sole and absolute discretion, to file a certificate of amendment (the “Amendment”) to the Company’s restated certificate of incorporation to, among other things, effect the Reverse Split at a ratio to be determined by the Board, ranging from 1-for-2 to 1-for-50. On April 26, 2023, the Board approved the Reverse Split at a ratio of 1-for-20 and the Amendment was filed with the Secretary of State of the State of Delaware, which became effective upon receipt by the Delaware Secretary of State, with the Reverse Split to become effective at the date and time described above.
The Reverse Split will affect all issued and outstanding shares of Common Stock. All outstanding options, warrants, and other securities entitling their holders to purchase or otherwise receive shares of Common Stock will be adjusted as a result of the Reverse Split, as required by the terms of each security. The number of shares available to be awarded under the Company’s equity incentive plans will also be appropriately adjusted. Following the Reverse Split, the par value of the Common Stock will remain unchanged at $0.00001 par value per share. The Reverse Split will not change the authorized number of shares of Common Stock or preferred stock. No fractional shares will be issued in connection with the Reverse Split, and stockholders who would otherwise be entitled to receive a fractional share will instead receive a cash payment equal to the fraction of a share of Common Stock in lieu of such fractional share.
The Reverse Split will reduce the number of shares of Common Stock issued and outstanding from approximately 47.419 million to approximately 2.37095 million.
Additional information regarding the Reverse Split is available in the Company’s definitive proxy statement originally filed with the U.S. Securities and Exchange Commission (SEC) on November 22, 2022, and the Current Report on Form 8-K filed today with the SEC.
