Tech support provider Support.com, Inc. (NASDAQ: SPRT) has announced that a 1-for-3 reverse stock split of its common stock will be effective at 12:01a.m. Eastern Standard Time on Friday, 20 January 2017, the company said.
Trading of the company´s common stock on The NASDAQ Capital Market will continue, on a post-split basis at that time, under the existing trading symbol “SPRT” and under new CUSIP number 86858W200.
As a result of the reverse stock split, every three shares of the company´s outstanding common stock will be converted into one share of common stock, without any change in the par value per share.
The number of issued and outstanding shares of the company´s common stock will be reduced from approximately 55,652,323 shares to approximately 18,550,774 shares, and the number of authorized shares of common stock will be reduced from 150,000,000 shares to 50,000,000 shares.
The number of authorized shares of preferred stock will remain the same. The reverse stock split will also affect the company´s outstanding stock options and other exercisable or convertible instruments and will result in the shares underlying such instruments being reduced and the exercise price being increased proportionately to the reverse stock split ratio.
Support.com provides cloud-based software and services to deliver next-generation technical support.