Intellicheck Mobilisa, Inc. (NYSE MKT:IDN), a global leader in identity
solutions and wireless security systems, announced it effected a one (1)
for (8) reverse split of its common stock (the “Reverse Split”) as a
step toward the Company’s intention to improve the strength and quality
of its shareholder base. The proposal to affect a reverse stock split
was approved by the Company’s stockholders at its Special Meeting of
Stockholders on August 12, 2014.
Over 84% of the Company’s outstanding shares were voted at the Special
Meeting, and over 76% of the votes cast were in favor of the Reverse
Split.
The Company effected the Reverse Split pursuant to an amendment of the
Company’s certificate of incorporation filed today with the Secretary of
State of the State of Delaware. Upon the effectiveness of the Reverse
Split, each eight (8) shares of issued and outstanding common stock have
been combined into one share of common stock. The Company’s common stock
will begin trading on a split-adjusted basis on August 13, 2014 under a
new CUSIP number (45817G201).
“We view the Reverse Split as an important step in Intellicheck
Mobilisa’s corporate development as we believe it will help to improve
the strength and quality of our shareholder base, and enhance our
potential to appeal to investors with long-term investment time horizons
that mirror the long-term vision our management team has for building
shareholder value,” said Nelson Ludlow, Ph.D., President and Chief
Executive Officer of Intellicheck Mobilisa. “In addition, the Reverse
Split will likely provide alternatives or flexibility in relation to
where our common stock is listed and traded in the future.”
As a result of the Reverse Split, the number of outstanding common
shares was reduced from approximately 39.5 million to approximately 4.9
million, subject to adjustment for fractional shares.
Shareholders should direct any questions concerning the Reverse Split to
their broker or the Company’s transfer agent, Continental Stock Transfer
& Trust, at (212) 509-4000. Additional information regarding the Reverse
Split can be found in the Company’s definitive proxy statement filed
with the Securities and Exchange Commission on July 7, 2014.
About Intellicheck Mobilisa
Intellicheck Mobilisa is a leading technology company providing wireless
technology and identity systems for various applications, including
mobile and handheld access control and security systems for the
government, military and commercial markets. Products include the
Fugitive Finder system, an advanced ID card access control product
currently protecting military bases and secure federal locations; ID
Check, a patented technology that instantly reads, analyzes, and
verifies encoded data in magnetic stripes and barcodes on
government-issued IDs, designed to improve the Customer Experience for
the financial, hospitality and retail sectors; barZapp™, an ID-checking
mobile app that allows a user’s smartphone to check an ID card. For more
information on Intellicheck Mobilisa, please visit www.icmobile.com.
Safe Harbor Statement
Certain statements in this press release constitute forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995, as amended. When used in this press release, words
such as “will,” “believe,” “expect,” “anticipate,” “encouraged,” and
similar expressions, as they relate to the company or its management, as
well as assumptions made by and information currently available to the
company’s management identify forward-looking statements. Actual results
may differ materially from the information presented here. Additional
information concerning forward-looking statements is contained under the
heading of risk factors listed from time to time in the company’s
filings with the SEC. We do not assume any obligation to update the
forward-looking information.
Copyright Business Wire 2014