ATLANTA, Sept. 29, 2022 (GLOBE NEWSWIRE) — American Virtual Cloud Technologies, Inc. (Nasdaq: AVCT) today announces that it intends to effect a 1-for-15 reverse stock split of its issued and outstanding shares of common stock. The Reverse Stock Split will become effective on September 30, 2022 upon filing with the Delaware Secretary of State of an amendment to the Company’s amended and restated certificate of incorporation, and the Company’s common stock is expected to begin trading on a split-adjusted basis when the market opens on October 3, 2022. The Company’s common stock will continue to trade on the Nasdaq Capital Market under the symbol “AVCT.” The new CUSIP number for the common stock following the Reverse Stock Split will be 030382204.
As previously disclosed, at the Company’s annual meeting of stockholders held on May 24, 2022, the Company’s stockholders voted to approve three alternative amendments to the Company’s Charter to effect a Reverse Stock Split of the Company’s common stock at a ratio of either 1-for-5, 1-for-10 or 1-for-15, with such ratio and the implementation and timing of such Reverse Stock Split to be determined by the Company’s board of directors. The board of directors subsequently approved the implementation of a 1-for-15 Reverse Stock Split.
As a result of the Reverse Stock Split, each share of common stock issued and outstanding immediately prior to the Effective Time will be automatically reclassified as and converted into one-fifteenth (1/15) of a share of common stock. The Reverse Stock Split will affect all stockholders uniformly and will not alter any stockholder’s percentage interest in the Company’s equity, except to the extent that the Reverse Stock Split would result in a stockholder owning a fractional share. No fractional shares will be issued in connection with the Reverse Stock Split. Stockholders who otherwise would be entitled to receive a fractional share will instead be entitled to receive cash in lieu of such fractional share from the Company’s transfer agent, Continental Stock Transfer and Trust Company.
The Reverse Stock Split did not change the par value of the common stock or the authorized number of shares of common stock. All outstanding warrants and preferred stock entitling their holders to purchase or obtain or convert into shares of our common stock will be adjusted, as required by the terms of these securities.
About American Virtual Cloud Technologies, Inc.
American Virtual Cloud Technologies (“AVCtechnologies”; Nasdaq: AVCT) now operates under the Kandy brand name. Kandy establishes and operates cloud-based communications marketplaces for telecom carriers, offering proprietary API Enablement services such as Microsoft Teams Direct Routing as a Service, and SIP Trunking as a Service capabilities. For more information, visit https://www.avctechnologies.com.
