Identiv Announces Reverse Split of Common Stock and Name Change
23 5월 2014 - 5:30AM
Identiv (Nasdaq:INVE), a global security technology company that
provides trust solutions for premises, information and everyday
items, announced today that a 1-for-10 reverse split of its common
stock will be effective at the open of business on Tuesday, May 27,
2014. The reverse stock split was approved by the company's
shareholders at the 2014 Annual General Meeting (AGM) held today.
The company's board of directors approved the implementation of a
reverse stock split and determined the appropriate reverse stock
split ratio to be 1-for-10. Also approved by the company's
shareholders was the legal name change of the company from
"Identive Group, Inc." to "Identiv, Inc."
"The reverse split establishes a path to maintain our NASDAQ
listing," said Jason Hart, chief executive officer of Identiv. "We
saw a record voting turnout for our 2014 Annual General Meeting,
demonstrating strong support from our shareholders. Approval of our
new, shortened name, 'Identiv', signals a new era, as we have
successfully transformed into a single, unified technology company
focused on trust solutions for high-growth markets," added
Hart.
At the effective time of the reverse stock split, every 10
shares of Identiv's issued and outstanding common stock will be
converted into one newly issued and outstanding share of common
stock, without any change in the par value per share.
The reverse stock split will reduce the number of shares of
Identiv's outstanding common stock from 79.91 million to
approximately 7.99 million. Proportional adjustments will be made
to Identiv's outstanding stock options, outstanding warrants, and
equity-compensation plans. The number of authorized shares of the
company's common stock will remain unchanged. Once the reverse
stock split becomes effective, shareholders holding shares through
a brokerage account will have their shares automatically adjusted
to the reflect the 1:10 reverse stock split. Existing shareholders
holding common stock certificates will receive a letter of
transmittal from the company's transfer agent, American Stock
Transfer & Trust Company, LLC, with specific instructions
regarding the exchange of shares. No fractional shares will be
issued in connection with the reverse stock split. Shareholders who
would otherwise hold a fractional share of Identiv common stock
will receive a cash payment in lieu of such fractional share.
The company's common stock will continue to trade on the NASDAQ
Capital Market under the symbol "INVE". A new CUSIP number will be
issued to Identiv's common stock after the reverse stock split
becomes effective.
For additional information, please refer to the FAQs in the
"Investor Relations" section of identiv.com.
About Identiv
Identiv is a global security technology company that establishes
trust in the connected world, including premises, information and
everyday items. CIOs, CSOs and product departments rely upon
Identiv's trust solutions to reduce risk, achieve compliance and
protect brand identity. Identiv's trust solutions are implemented
using standards-driven products and technology, such as digital
certificates, mobility and cloud services. For more information,
visit identiv.com.
Note Regarding Forward-Looking Information
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. Forward-looking statements can be identified by words such
as "anticipates", "believes", "plans", "will", "intends",
"expects", and similar references to the future. Examples of such
statements include, without limitation, statements regarding our
expectations for additional revenue from new sales partnerships;
our ability to establish a stable financial platform on which to
execute our strategy to deliver trust solutions; our expectations
from increased investments in sales, marketing and engineering; and
our ability to achieve the level of revenues and adjusted EBITDA
results in 2014 for which we have provided guidance. Readers should
not unduly rely on these forward-looking statements, which are not
a guarantee of future performance and are subject to a number of
risks and uncertainties, many of which are outside our control,
which could cause our actual business and operating results to
differ. Factors that could cause actual results to differ
materially from those in the forward-looking statements include our
ability to realize cost savings from the restructuring of our
operations; our ability to increase revenues through new sales and
marketing programs and sales partnerships; our ability to
successfully develop and commercialize new products and solutions
that satisfy the evolving and increasingly complex requirements of
customers; our ability to finance continued investments in
technology, products and manufacturing capacity to develop products
and solutions for the market; whether the markets in which we
participate or target may grow, converge or standardize at
anticipated rates or at all, including the markets that we are
targeting; our ability to successfully compete in the markets in
which we participate or target; our ability to meet our sales
forecasts; our ability to meet financial covenants of our loan
agreement; our ability to meet growing demand for our products; and
general global political and economic factors which are beyond our
control but may unduly impact our markets and our business. For a
discussion of further risks and uncertainties related to our
business, please refer to our public company reports, including our
Annual Report on Form 10-K for the year ended December 31, 2013 and
subsequent reports filed with the U.S. Securities and Exchange
Commission. All forward-looking statements are based on information
available to us on the date hereof, and we assume no obligation to
update such statements.
CONTACT: Identiv Media Contacts:
Lesley Sullivan/Joann Wardrip
MSLGROUP
781-684-0770
identivgroup@mslgroup.com
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