Ipsidy announces a Reverse Stock Split as of Monday June 14, 2021
Ipsidy Inc. (www.ipsidy.com) [OTCQB:IDTY] a leading Identity-as-a-Service (IDaaS) provider, offering a suite of secure, mobile and biometric identity verification solutions, today announced that effective June 14, 2021, it will proceed to a reverse stock split of 1 for 30 of its ordinary shares.
At the Company’s annual meeting of shareholders held on March 22, 2021, shareholders approved an amendment to our certificate of incorporation to perform a Reverse Stock Split with the exact ratio to be set by our Board of Directors. The Board decided to set the Reverse Stock Split at the ratio of 1 to 30 and filed an amendment to the updated Certificate of Incorporation with the Delaware Secretary of State. Accordingly, on Monday June 14, 2021, all 30 issued common shares will automatically be combined into one common share.
We believe this change will make it easier for investors to trade our shares and is a necessary step before the Company’s common shares can be admitted to a national stock exchange.
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The Company’s common shares will be assigned a new CUSIP number (46264C206) and is expected to begin trading on a split-adjusted basis on Monday, June 14, 2021. The Company’s common shares will trade under a new temporary ticker symbol “IDTYD” for a period of 20 working days including the effective date of the Reverse Stock Split.
No fractional shares will be issued and any fractional shares resulting from the Reverse Stock Split will be rounded to the nearest whole share. Shareholders holding IDTY common stock in registered brokerage firms should consult their broker for more information about their account. Shareholders who hold shares with our transfer agent will receive account information by mail over the next few days. Further information on how the reverse stock split affects the individual holdings of investors, whether they are holders of ordinary share certificates or warrants, options or notes convertible into ordinary shares , will be provided to investors after the Effective Date.
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