AIRPORT CITY, Israel, April 15,
2024 /PRNewswire/ -- MySize, Inc. (NASDAQ: MYSZ)
("MySize" or the "Company"), an omnichannel e-commerce platform and
provider of AI-driven measurement solutions to drive revenue growth
and reduce costs for its business clients, announced that its Board
of Directors has approved a one-for-eight reverse stock split of
its common stock that is scheduled to become effective after
trading closes on April 19, 2024.
Beginning on April 23, 2024, the
Company's common stock will trade on the Nasdaq Capital Market on a
split adjusted basis under a new CUSIP number 62844N 406. The
Company's common stock will continue to trade on the Nasdaq Capital
Market under the symbol "MYSZ." As previously disclosed, at the My
Size Special Meeting of Stockholders held on April 15, 2024, the Company's stockholders
approved a proposal authorizing the Company's Board of Directors,
among other things, to effect a reverse stock split at a ratio in
the range of 1-for-2 and 1-for-15 in order to increase the per
share price and bid price of the Company's common stock to regain
compliance with the continued listing requirements of Nasdaq and
make the common stock more attractive to certain institutional
investors, which would provide for a stronger investor base.
Upon effectiveness of the reverse stock split, every 8 shares of
the Company's outstanding common stock will be converted to one
share of common stock. In addition, a proportionate adjustment will
be made to the per share exercise price and the number of shares
issuable upon the exercise of all outstanding options and warrants
entitling the holders to purchase common stock.
The reverse stock split will not affect any stockholder's
ownership percentage of the Company's common stock, except to the
extent that the reverse stock split would result in any stockholder
owning a fractional share. Fractional shares of common stock will
be rounded up to the nearest whole share. The number of authorized
shares of the Company's common stock will not change, while the
number of outstanding shares will be reduced from approximately 5.1
million to approximately 0.64 million.
Registered stockholders holding their shares of common stock in
book-entry or through a bank, broker or other nominee form do not
need to take any action in connection with the reverse stock split.
For those stockholders holding physical stock certificates, the
Company's transfer agent, VStock Transfer, LLC, will send
instructions for exchanging those certificates for new certificates
representing the post-split number of shares. VStock Transfer, LLC
can be reached at (212) 828-8436.
Additional information about the reverse stock split can be
found in the Company's definitive proxy statement filed with the
Securities and Exchange Commission on March
22, 2024, a copy of which is also available at www.sec.gov
or at https://www.mysizeid.com under the SEC Filings tab located on
the Investor Relations page.
About My Size, Inc.
MySize, Inc. (NASDAQ: MYSZ) is an omnichannel e-commerce
platform and provider of AI-driven measurement solutions including
MySizeID and recently acquired Naiz Fit to drive revenue growth and
reduce costs for its business clients. Orgad, its online retailer
platform, has expertise in e-commerce, supply chain, and technology
operating as a third-party seller on Amazon.com and other sites.
MySize recently launched FirstLook Smart Mirror, a mirror-like
touch display that provides in-store customers an enhanced shopping
experience and contactless checkout. FirstLook Smart Mirror extends
MySize's reach into physical stores and is expected to contribute
to revenues through unit sales and recurring service fees.
MySize has developed a unique measurement technology based on
sophisticated algorithms and cutting-edge technology with broad
applications, including the apparel, e-commerce, DIY, shipping, and
parcel delivery industries. This proprietary measurement technology
is driven by several algorithms that are able to calculate and
record measurements in a variety of novel ways. To learn more about
MySize, please visit our website: www.mysizeid.com.
We routinely post information that may be important to investors
in the Investor Relations section of our website. Follow us
on Facebook, LinkedIn, Instagram,
and Twitter.
Please click here for a demonstration of how MySizeID
provides a full sizing solution for the retail industry.
Register here for the MySizeID solution for your
online store and here for the Naiz Fiz solution.
To learn more about MySize and for additional information,
please visit: our website: www.mysizeid.com.
Cautionary Statement Regarding Forward-Looking
Statements
This press release contains certain forward-looking statements
within the meaning of the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995, including statements
related to the acquisition, expected revenues, and the expected
closing of the acquisition. These statements are identified by the
use of the words "could," "believe," "anticipate," "intend,"
"estimate," "expect," "may," "continue," "predict," "potential,"
"project" and similar expressions that are intended to identify
forward-looking statements. All forward-looking statements speak
only as of the date of this press release. You should not place
undue reliance on these forward-looking statements. Although we
believe that our plans, objectives, expectations and intentions
reflected in or suggested by the forward-looking statements are
reasonable, we can give no assurance that these plans, objectives,
expectations or intentions will be achieved. Forward-looking
statements involve significant risks and uncertainties (some of
which are beyond our control) and assumptions that could cause
actual results to differ materially from historical experience and
present expectations or projections. Actual results may differ
materially from those in the forward-looking statements and the
trading price for our common stock may fluctuate significantly.
Forward-looking statements also are affected by the risk factors
described in the Company's filings with the U.S. Securities and
Exchange Commission. Except as required by law, we undertake no
obligation to update or revise publicly any forward-looking
statements, whether as a result of new information, future events
or otherwise, after the date on which the statements are made or to
reflect the occurrence of unanticipated events.
Investor Contacts:
Or Kles, CFO
ir@mysizeid.com
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SOURCE My Size Inc.
