1 for 75 Mr. Paul Travers reports
VUZIX ANNOUNCES REVERSE STOCK SPLIT
Vuzix Corp. has received all the necessary regulatory approvals, including the approval of the TSX Venture Exchange and the Financial Industry Regulatory Authority (FINRA), to effectuate a reverse split of its issued and outstanding common stock on a one-for-75 basis. The split was previously approved at the special meeting of the shareholders of the company held on Nov. 30, 2012. The shares will begin trading on a split-adjusted basis on Feb. 6, 2013. In accordance with FINRA's procedures for reverse stock splits, Vuzix's ticker symbol on the OTC Bulletin Board will be VUZID for a period of 20 business days beginning Feb. 6, 2013, after which time, the symbol will revert back to VUZI. The company's ticker symbol will remain unchanged on the TSX-V. Any fractional shares resulting from the split will be rounded up to the nearest whole postsplit share.
Paul Travers, chief executive officer of Vuzix, said: "We believe the higher split-adjusted stock price will be in the best interest of our shareholders by making it easier to effect transactions in our stock, broaden our audience and shareholder base, and ultimately enhance our valuation as we move forward and grow the company. While the split did not change the market capitalization of Vuzix, the higher share price is designed to make it easier for shareholders to hold Vuzix stock in their brokerage accounts and to appeal to major customers that look at our share price when deciding to add us as a new supplier."
We seek Safe Harbor.