CPI Card Group Announces Reverse Stock Split
December 19 2017 - 07:00AM
Business Wire
CPI Card Group Inc. (Nasdaq:PMTS) (TSX:PMTS) (“CPI Card
Group” or the “Company”) a global leader in financial and EMV® chip
card production and related services, today announced that it will
effect a 1-for-5 reverse stock split. The reverse stock split will
be effective at 12:01 a.m. EDT, on December 20, 2017. The Company’s
common stock will begin trading on a split-adjusted basis on the
Nasdaq Global Select Market and on the Toronto Stock Exchange under
the Company’s existing symbol “PMTS” on December 20, 2017.
The reverse stock split is primarily intended to bring the
Company into compliance with the minimum bid price requirement for
maintaining its listing on the Nasdaq Global Select Market. The new
CUSIP number for the common stock following the reverse split will
be 12634H 200.
When the reverse stock split becomes effective, every five (5)
shares of common stock will automatically convert into one (1)
share of common stock, with no change in par value per share. No
fractional shares will be issued. In lieu of any fractional shares,
any holder of less than one share of common stock will be entitled
to receive cash for such holder’s fractional share.
The reverse stock split will reduce the number of shares of the
Company’s common stock currently outstanding from approximately
55.7 million shares to 11.1 million shares. The number of
authorized shares of common stock will remain unchanged.
Proportional adjustments will be made to the Company’s outstanding
stock options and equity compensation plans.
Because all of the Company’s stockholders hold their shares in
book-entry form, they need not take any action in connection with
the reverse stock split.
About CPI Card Group Inc.
CPI Card Group is a leading provider in payment card
production and related services, offering a single source for
credit, debit and prepaid debit cards including EMV chip,
personalization, instant issuance, fulfillment and mobile payment
services. With more than 20 years of experience in the payments
market and as a trusted partner to financial institutions, CPI’s
solid reputation of product consistency, quality and outstanding
customer service supports our position as a leader in the market.
Serving our customers from ten locations throughout the United
States, Canada and the United Kingdom, we have the
largest network of high security facilities in the United
States and Canada, each of which is certified by one or
more of the payment brands: Visa, MasterCard, American
Express, Discover and Interac in Canada. Learn more
at www.cpicardgroup.com.
Forward-Looking Statements
Statements in this press release that are not statements of
historical fact are “forward-looking statements” within the meaning
of the Private Securities Litigation Reform Act of 1995. These
forward looking statements may be identified by terms such as
statements about our plans, objectives, expectations, assumptions
or future events. Words such as “may,” “will,” “should,” “could,”
“expect,” “anticipate,” “believe,” “estimate,” “intend,”
“continue”, “project”, “plan”, “foresee”, and other similar
expressions are intended to identify forward-looking statements,
which are generally not historical in nature. These statements
involve risks and uncertainties that could cause actual results to
differ materially from those described in such statements. Although
the Company believes that the expectations reflected in such
forward-looking statements are reasonable, it can give no assurance
that such expectations will prove to have been correct. Reference
is made to a more complete discussion of forward-looking statements
and applicable risks contained under the captions “Cautionary
Statement Regarding Forward-Looking Information” and “Risk Factors”
in the Company’s Annual Report on Form 10-K for the year
ended December 31, 2016 filed with
the SEC on March 2, 2017. CPI Card Group
Inc. undertakes no obligation to update or revise any of its
forward-looking statements, whether as a result of new information,
future events or otherwise.
For more information:
CPI encourages investors to use its investor relations website
as a way of easily finding information about the company. CPI
promptly makes available on this website, free of charge, the
reports that the company files or furnishes with the SEC,
corporate governance information, and press releases. CPI uses its
investor relations site (http://investor.cpicardgroup.com) as a
means of disclosing material information and for complying with its
disclosure obligations under Regulation FD.
EMV is a registered trademark or trademark of EMVCo LLC in the
United States and other countries.
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version on businesswire.com: http://www.businesswire.com/news/home/20171219005557/en/
CPI Card Group Inc. Investor Relations:William Maina,
877-369-9016InvestorRelations@cpicardgroup.comorCPI Card Group Inc.
Media Relations:Media@cpicardgroup.com