MINNEAPOLIS, Nov. 25, 2019 (GLOBE NEWSWIRE) -- iMedia Brands, Inc. (NASDAQ: IMBI) is announcing that effective at 5:00 p.m. Central time on December 11, 2019 it will implement a ten-for-one reverse stock split of its outstanding common stock.
The reverse stock split is primarily intended to bring the company into compliance with the minimum bid price requirement for maintaining its listing on the Nasdaq Capital Market. iMedia’s common stock will continue to trade under the symbol “IMBI.”
Upon the effectiveness of the reverse stock split, every ten shares of issued and outstanding common stock before the close of business on December 11, 2019 will be combined into one issued and outstanding share of common stock, with no change in par value per share. The company’s common stock will open for trading on NASDAQ on December 12, 2019 on a post-split basis.
No fractional shares will be issued as a result of the reverse stock split. Any fractional shares that would result from the reverse stock split will be cancelled in exchange for the payment of cash consideration.
The reverse stock split will affect all issued and outstanding shares of the company’s common stock, as well as the number of shares of common stock available for issuance under the company’s outstanding stock options and warrants. The reverse stock split will reduce the number of shares of common stock issuable upon the exercise of stock options or warrants outstanding immediately prior to the reverse split and correspondingly increase the respective exercise prices. The reverse stock split will affect all shareholders uniformly and will not alter any shareholder’s percentage interest in the company’s equity, except to the extent that the reverse stock split results in some shareholders experiencing an adjustment of a fractional share as described above.
Shareholders holding share certificates will receive information from EQ Shareowner Services, iMedia’s transfer agent, regarding the process for exchanging their shares of common stock. Shareholders with questions may contact EQ Shareowner Services by calling (800) 401-1957.
About iMedia Brands, Inc.
iMedia Brands, Inc. (NASDAQ: IMBI) is a global interactive media company that manages a growing portfolio of niche, lifestyle television networks and web service businesses, primarily in North America, for both English speaking and, soon, Spanish speaking audiences and customers. Its brand portfolio spans multiple business models and product categories and includes ShopHQ, Bulldog Shopping Network, iMedia Web Services and soon-to-be-launched LaVenta Shopping Network. Please visit www.imediabrands.com for more investor information.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
This release contains statements, estimates, projections, guidance or outlooks that constitute “forward-looking” statements as defined under U.S. federal securities laws. Generally, the words “believe,” “expect,” “intend,” “estimate,” “anticipate,” “plan,” “project,” “should” and similar expressions identify forward-looking statements, which generally are not historical in nature. These statements may contain information about our prospects, including anticipated show, event, or product line launches, and involve risks and uncertainties. We caution that actual results could differ materially from those that management expects, depending on the outcome of certain factors.
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