SuperCom (NASDAQ: SPCB), established 1988 in Tel Aviv, is a global provider of secured solutions for the e-Government, IoT, and Cybersecurity sectors, announced today that its Board of Directors and Stockholders has approved a 1-for-10 reverse stock split of its ordinary shares.
SuperCom’s ordinary shares will begin trading on a split-adjusted basis at commencement of trading on November 23, 2022. The ordinary shares will continue to trade on the Nasdaq Capital Market under the symbol ‘SPCB’.
“We are pleased to announce this reverse stock split as we believe it is in the best interest of our shareholders and will help position SuperCom to attract fundamental institutional investors as we continue on our growth trajectory.
The perceived overhang of trading below certain Nasdaq trading price thresholds has been a hindrance in our ability to attract larger investors, and we are happy to move forward clear of this hurdle,” stated Ordan Trabelsi, President and CEO of SuperCom.
At the commencement of trading on November 23, every ten shares of the Company’s issued and outstanding ordinary shares will be automatically converted into one issued and outstanding ordinary share, and the par value per share of ordinary shares will be multiplied by ten(10).
Stockholders holding shares through a brokerage account will have their shares automatically adjusted to reflect the 1-for-10 reverse stock split and do not need to take any action in connection with the reverse stock split.
It is not necessary for stockholders holding shares in certificated form to exchange their existing stock certificates for new stock certificates of the Company in connection with the reverse stock split, although stockholders may do so if they wish.
Based on Press Release by Supercom, selected as relevant, shortend and regrouped by VonNaftali.