Ipsidy Inc. (www.ipsidy.com) [OTCQB:IDTY] a leading provider of Identity as a Service (IDaaS), delivering a suite of secure, mobile, biometric identity verification solutions, today announced that effective June 14, 2021 it will complete a 1-for-30 reverse stock split of its common stock (“Reverse Stock Split”).
At the Annual Meeting of stockholders of the Company held on March 22, 2021, the stockholders approved an amendment to our certificate of incorporation to effect a Reverse Stock Split with the exact ratio to be set by our Board of directors. The Board resolved to set the Reverse Stock Split at the ratio of 1-for-30, and filed an Amendment to the Restated Certificate of Incorporation with the Secretary of State in Delaware. As a result, on Monday, June 14, 2021 every 30 issued shares of Common Stock will automatically be combined into one share of Common Stock.
We believe this change will make it easier for investors to trade in our stock and is a necessary step before the Company’s common stock can be admitted to listing on a national exchange.
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Shares of the Company’s common stock will be assigned a new CUSIP number (46264C206) and are expected to begin trading on a split-adjusted basis on Monday, June 14, 2021. The Company’s common stock will trade under a new and temporary ticker symbol “IDTYD” for a period of 20 business 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 up to the nearest whole share. Stockholders holding shares of IDTY common stock at registered brokerage firms, should consult their broker for further information on their account. Stockholders who hold shares with our transfer agent will receive information in the mail about their accounts over the next few days. Further information about how the reverse stock split affects the individual holdings of investors, whether holders of certificates for Common Stock, or warrants, options, or notes convertible into Common Stock will be provided to investors following the effective date.
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