Shares will begin trading on a fractional adjusted basis on November 23, 2022
TEL AVIV, Israel, November 23, 2022 /PRNewswire/ — super com (NASDAQ: SPCB), a global provider of secure solutions to the e-government, IoT and cybersecurity industries, today announced that its board of directors and shareholders have approved a stock split of 1 in 10 of its ordinary shares. SuperCom’s common stock will begin trading on a fractional basis when trading commences on November 23, 2022. The common stock will continue to trade on the Nasdaq Capital Market under the ticker symbol ‘SPC extension‘.
“We are pleased to announce this reverse equity reverse as we believe it is in the best interests of our shareholders and will help position SuperCom to attract key institutional investors as we continue on our growth trajectory. and we are happy to overcome this obstacle,” he said Trabelsi ordinancePresident and CEO of SuperCom.
“Reverse stock reverse changes the price per share and the number of shares outstanding, but it has no effect on our company’s operations or our overall size and growth potential. However, it is critical to maintaining our listing on the Nasdaq and our ability to meet certain funds’ investment criteria. We are excited to move forward stronger in conjunction with our recent significant progress which is also reflected through our many new winning projects such as the 33 million dollars national EM project in Romaniaas well as our revenue growth of over 100% and return to positive EBITDA in our reported financial results in Q3 2022,” concluded Ordan.
Upon commencement of trading on November 23, every ten issued and outstanding shares of common stock of the Company will automatically convert into one issued and outstanding share of common stock, and the par value per share of common stock will be multiplied by ten (10).
Shareholders holding shares through a brokerage account will have their shares automatically adjusted to reflect the 1 in 10 stock split and will not need to take any action in connection with the stock split. It is not necessary for shareholders who hold certificated shares to exchange their existing share certificates for new share certificates of the Company in connection with the reverse stock split, although shareholders may do so if they wish.
The reverse stock split will affect all shareholders equally and will not alter any shareholder’s percentage interest in SuperCom’s equity, except to the extent that the stock split would result in one shareholder owning a fractional interest. No fractional shares will be issued in connection with the reverse stock split. Any fraction of a shareholder’s share resulting from the reverse stock split will be rounded up to the nearest whole share of common stock. The reverse stock split will reduce the number of outstanding shares of SuperCom from 41,980,101 shares to approximately 4,198,010 shares. Prorated adjustments will be made to the number of shares of common stock issueable upon exercise or conversion of SuperCom’s outstanding stock awards, warrants or other convertible securities, as well as to the applicable exercise or conversion price. Shareholders whose shares are held in brokerage accounts should direct any questions regarding reverse stock splits to their broker. All shareholders of record, who hold their shares in certified form, may apply to the Company’s transfer agent, American Stock Transfer & Trust Company, at 6201 15th Avenue, Brooklyn, New York 11219.
About Super Com
Since 1988, SuperCom has been a global provider of traditional and digital identity solutions, providing advanced security, identification and protection solutions to governments and organizations, both private and public, around the world. Through its proprietary e-government platforms and innovative solutions for traditional and biometric registration, personalization, issuing and border control services, SuperCom has inspired governments and national agencies to design and issue secure and robust Multi-ID documents digital identity solutions for its citizens and visitors. SuperCom offers a field-proven all-in-one mobile and RFID technology and product suite accompanied by advanced complementary services for various industries including healthcare and home care, safety and security, community public safety, law enforcement, electronic monitoring, livestock monitoring, and building and access automation. For more information, visit www.supercom.com.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements preceded or followed by or otherwise including the words “believes”, “expects”, “anticipates”, “intends”, “plans”, “estimates”, “plans” and similar expressions or future or conditional verbs such as ” will “, “should”, “would”, “may” and “could” are generally forward-looking in nature and not historical or current facts. These forward-looking statements are subject to risks and uncertainties that could cause our actual results to differ materially from the statements made. Examples of such statements include, but are not limited to, statements regarding business and economic trends, the anticipated effects of the COVID-19 outbreak on travel and physical locations, consumer, business and economy in general, the duration of the COVID-19 outbreak and the severity of the outbreak, the pace of recovery following the COVID-19 outbreak, the effect on our supply chain, our ability to implement containment strategies costs and business recovery and the resulting anticipated impact of this outbreak on our business, financial condition and results of operations, the adverse effects of the COVID-19 outbreak on our business or the market price of our common stock and other risks and uncertainties described in forward-looking statements and in the section entitled “Risk Factors” in our annual report on Form 20-F for the year ended December 31, 2021, filed with the U.S. Securities and Exchange Commission (the “SEC”) on April 4, 2022, our report s on Form 6-K filed with the SEC from time to time, and our other filings at the SEC. Except as required by law, we undertake no obligation to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise, after the date of this press release.
Kirin M. SmithPresident
PCG Advisory, Inc.
SOURCE SuperCom Ltd.