Airborne Wireless Network effects 30,000:1 reverse stock split

Airborne Wireless Network (OTCQB: ABWN) has announced that effected a 30,000-to-1 reverse stock split that became effective August 24, 2018, the company said.

As a result of the reverse stock split, every 30,000 shares of the Company´s common stock outstanding will be automatically combined into one new share of common stock without any action on the part of Airborne Wireless Network stockholders. As a result of the reverse stock split, there will be approximately 296,000 shares of common stock outstanding (subject to adjustment due to the effect of rounding fractional shares into whole shares).

The Company completed a public offering of 8,000 units, each consisting of one share of the Company´s Series A Convertible Preferred Stock and one Series 1 warrant to purchase one share of Series A Convertible Preferred Stock, one Series 2 warrant to purchase one share of Series A Convertible Preferred Stock and one Series 3 warrant to purchase one share of Series A Convertible Preferred Stock, each exercisable at an initial exercise price of $1,000 per share of Series A Convertible Preferred Stock.

Airborne Wireless Network links commercial aircraft in flight. The Company intends the network to be a high-speed broadband internet pipeline to improve coverage and connectivity.