Live Ventures Incorporated Effects Reverse Stock Split in Bid to Expand Investor Base
November 28 2016 - 7:30AM
Live Ventures Incorporated (Nasdaq:LIVE) (“Live Ventures” or the
“Company”), a diversified holding company, announces
today that it will effect a 1-for-6 reverse split of its
outstanding common stock, which will be effective for trading
purposes as of the commencement of trading on Thursday, December 8,
2016.
A primary purpose of the reverse split is to broaden the appeal
of the Company’s stock to include institutional investors following
the closing of the Company’s second major acquisition in the past
18 months. Management continues to believe the Company’s
stock is undervalued and the Company continues to repurchase its
shares in the market.
The reverse split was not undertaken to facilitate any financing
transactions nor for NASDAQ compliance reasons, as the Company is
in full compliance with all relevant NASDAQ standards.
“The decision to effect the reverse split was made in
consultation with investors, advisors and our Board of
Directors. We believe the resulting increase in our share
price will broaden our appeal to include institutional
stockholders, who typically have not been able to invest in us
because of the recent price level of our stock,” said Jon Isaac,
CEO of Live Ventures Incorporated. “We believe that
broadening our traditionally retail investor base to include
institutional investors will create a more robust market for our
stock, which should translate into a stock price that will reflect
our company’s increasing value.”
Trading of the Company’s common stock on The Nasdaq Capital
Market will continue, on a post-split basis, with the opening of
the markets on December 8, 2016, under the existing trading symbol
“LIVE” and with a new CUSIP number: 538142 308. As a
result of the reverse stock split, every six shares of the
Company’s pre-reverse split common stock will be combined and
reclassified into one share of common stock. Further, the
reverse stock split will not affect proportionate voting rights and
other rights of common stockholders. Stockholders who would
otherwise hold a fractional share of common stock will receive an
increase to their common stock as the common stock will be rounded
up to a full share. No fractional shares will be issued in
connection with the reverse stock split.
About Live Ventures Incorporated Live Ventures
Incorporated is a diversified holding company with several wholly
owned subsidiaries and a strategic focus on acquiring profitable
companies that have demonstrated a strong history of earnings
power. Live Ventures Incorporated provides, among other
businesses, marketing solutions that boost customer awareness and
merchant visibility on the Internet. The Company operates a
deal engine, which is a service that connects merchants and
consumers via an innovative platform that uses geo-location,
enabling businesses to communicate real-time and instant offers to
nearby consumers. In addition, it maintains, through its
subsidiary, ModernEveryday, an online consumer products retailer
and, through its subsidiary, Marquis Industries, a specialty,
high-performance yarns manufacturer, hard-surfaces re-seller, which
is a top-10 high-end residential carpet manufacturer in the United
States. Marquis Industries, through its A-O Division,
utilizes its state-of-the-art yarn extrusion capacity to market
monofilament textured yarn products to the artificial turf
industry. Marquis is the only manufacturer in the world that
can produce certain types of yarn prized by the industry.
Forward-Looking and Cautionary StatementsThis
press release may contain "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of
1995. In accordance with the safe harbor provisions of
this Act, statements contained herein that look forward in time
that include everything other than historical information, involve
risks and uncertainties that may affect the Company’s actual
results. These forward-looking statements can be identified by
terminology such as "will," "expects," "anticipates," "future,"
"intends," "plans," "believes," "estimates" and similar
statements. Live Ventures Incorporated may also make written
or oral forward-looking statements in its periodic reports to the
U.S. Securities and Exchange Commission on Forms 10-K, 10-Q and
8-K, in its annual report to stockholders, in press releases and
other written materials and in oral statements made by its
officers, directors or employees to third parties. There can be no
assurance that such statements will prove to be accurate and there
are a number of important factors that could cause actual results
to differ materially from those expressed in any forward-looking
statements made by the Company, including, but not limited
to, plans and objectives of management for future operations
or products, the market acceptance or future success of our
products, and our future financial performance. The
Company cautions that these forward-looking statements are further
qualified by other factors including, but not limited to, those set
forth in the Company’s Form 10-K for the fiscal year ended
September 30, 2016, most recent Form 10-Q, and other filings with
the U S. Securities and Exchange Commission (available
at http://www.sec.gov). The Company undertakes no obligation
to publicly update or revise any statements in this release,
whether as a result of new information, future events, or
otherwise.
Contact:
Live Ventures Incorporated
Tim Matula, investor relations
425-836-9035
tmatula@live-ventures.com
http://live-ventures.com
Live Ventures (NASDAQ:LIVE)
Historical Stock Chart
From Apr 2024 to May 2024
Live Ventures (NASDAQ:LIVE)
Historical Stock Chart
From May 2023 to May 2024