XpresSpa Announces 1-for-3 Reverse Stock Split
June 10 2020 - 7:29AM
XpresSpa Group, Inc. (Nasdaq: XSPA) (the “Company”), a health and
wellness company, today announced that it filed a certificate of
amendment to its amended and restated certificate of incorporation
with the Secretary of State of the State of Delaware to effect a
1-for-3 reverse stock split of shares of the Company’s common
stock, par value $0.01 per share (the “Common Stock”). Such
amendment and ratio were previously approved by the Company’s
stockholders and board of directors, respectively. The reverse
stock split does not have any impact on the voting and other rights
of stockholders and will have no impact on the Company’s business
operations or any of its outstanding indebtedness.
The reverse stock split is scheduled to take
effect after the market closes on June 10, 2020 (the "Effective
Time"). Shares of the Common Stock are expected to begin trading on
a split-adjusted basis on June 11, 2020. As a result of the reverse
stock split, every three (3) shares of the Company’s pre-reverse
split Common Stock will be combined and reclassified into one (1)
share of Common Stock. Trading in the Common Stock will continue on
the Nasdaq Capital Market under the ticker symbol "XSPA," but the
security will be assigned a new CUSIP number (CUSIP No. 98420U
703).
No fractional shares will be issued in
connection with the reverse stock split. Stockholders who would
otherwise hold a fractional share of the Company’s Common Stock
will receive payment in cash in lieu of any such resulting
fractional shares of Common Stock as the post-reverse split amounts
of Common Stock will be rounded down to the nearest full
share. Such cash payment in lieu of a fractional share of
Common Stock will be calculated by multiplying such fractional
interest in one share of Common Stock by the closing trading price
of the Company’s Common Stock on the trading day immediately
following the effective date of the reverse stock split, and
rounded to the nearest cent.
Stockholders of record will be receiving
information from the Company’s transfer agent, American Stock
Transfer & Trust Company, regarding their share ownership
following the reverse stock split and any payments in cash in lieu
of fractional shares, if applicable.
About XpresSpa Group, Inc.
XpresSpa Group, Inc. (Nasdaq: XSPA) is a health
and wellness holding company. XpresSpa Group’s core asset,
XpresSpa, is a leading airport retailer of spa services and related
health and wellness products, with 51 locations in 25 airports
globally. XpresSpa offers services that are tailored specifically
to the busy travel customer. XpresSpa is committed to providing
exceptional customer experiences with its innovative premium spa
services, as well as luxury travel products and accessories.
XpresSpa provides almost one million services to customers per year
at its locations in the United States, Netherlands, and the United
Arab Emirates. To learn more about XpresSpa Group, visit
www.XpresSpaGroup.com. To learn more about XpresSpa, visit
www.XpresSpa.com.
Investor Relations:ICRRaphael
Gross(203) 682-8253
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