hopTo Inc. (OTCBB: HPTO) has announced a one-for-fifteen (1:15) reverse split of its outstanding common stock, as approved by a vote of its shareholders at the annual meeting on September 24, 2015, the company said.
The company´s common stock will open for trading on the OTCBB marketplace on a post-split basis on Thursday, January 28, 2016.
The company´s certificate of incorporation, as amended, reflecting the reverse split has become effective. The company´s common stock will trade on a split-adjusted basis under the symbol HPTO, but with a ´D´ affixed for 20 business days, with a new CUSIP number.
In the reverse split, each fifteen shares of issued and outstanding common stock will be converted automatically into one share of common stock. No fractional shares will be issued in connection with the reverse stock split, and stockholders who would be entitled to fractional shares will receive cash in lieu of fractional shares.
The number of shares of common stock issued and outstanding will be reduced from approximately 148.1 million shares as of immediately prior to the reverse split, to approximately 9.9 million shares outstanding post-split. The reverse split will also have a proportionate effect on all stock options and warrants outstanding as of the reverse split.
Founded in its current form in 2012, hopTo Inc. is an innovator of a unique mobile productivity workspace platform.