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EX-3.1 - ARTICLES OF INCORPORATION / BYLAWS - WIDEPOINT CORP | wyy_ex31.htm |
EX-99.1 - PRESS RELEASE - WIDEPOINT CORP | wyy_ex991.htm |
8-K - CURRENT REPORT - WIDEPOINT CORP | wyy_8k.htm |
Exhibit 99.2
WidePoint to Effectuate Reverse Stock Split
Subsequent to Shareholders’ Approval of Reverse Stock Split
on August 24, 2020, Board of Directors Authorizes 1-for-10 Reverse
Split Ratio
FAIRFAX, Va., Oct. 23, 2020 -- WidePoint
Corporation (NYSE
American: WYY),
the leading provider of Trusted Mobility Management (TM2)
specializing in Telecommunications Lifecycle Management, Identity
Management and Digital Billing & Analytics solutions, today
announced that a 1-for-10 reverse stock split of the
Company’s common stock will become effective on Friday,
November 6, 2020 at 5:00 p.m. Eastern time. Trading of the
Company’s common stock on a post-split basis will begin on
Monday, November 9, 2020.
On
August 24, 2020, the stockholders of the Company approved the
reverse stock split at a special meeting of stockholders.
Subsequent to the meeting’s end, the board of directors of
the Company approved the implementation of the reverse stock split
at the ratio of 1-for-10.
“We
are confident that completing a reverse stock split and thereby
increasing the per share trading price of our common stock will
better position WidePoint for long-term success,” said Jin
Kang, President and Chief Executive Officer. “While many
companies effectuate a reverse split out of necessity, we are doing
so from a position of strength. WidePoint is in the midst of one of
its most financially and operationally successful years, and we are
taking proactive measures to expand upon that momentum. We believe
that increasing the price per share will make the Company’s
stock more attractive to investors and analysts, which we believe
will benefit current and prospective shareholders over the
long-run.”
Trading
of the Company’s common stock on the NYSE American Market
will continue under the symbol “WYY.” The new CUSIP
number for the Company’s common stock following the reverse
stock split will be 967590 209. No fractional shares will be issued
as a result of the reverse stock split. Any holders of the
Company’s common stock who would otherwise be entitled to a
fractional share will have such share rounded up to the next whole
share.
The
Company’s transfer agent, American Stock Transfer & Trust
Company, will act as exchange agent for the reverse stock
split.
●
Stockholders owning
shares via a broker or other nominee will have their positions
automatically adjusted to reflect the reverse stock split, subject
to brokers’ particular processes, and will not be required to
take any action in connection with the reverse stock
split.
●
Registered
stockholders holding pre-split shares of the Company’s common
stock electronically in book-entry form are not required to take
any action to receive post-split shares.
●
Stockholders of
record holding certificates representing pre-split shares of the
Company’s common stock as of the effective time will receive
a letter of transmittal from American Stock Transfer & Trust
Company providing instructions regarding the exchange of
shares.
Additional
information regarding the reverse stock split is available in the
definitive proxy statement filed by the Company with the U.S.
Securities and Exchange Commission (“SEC”) on July 8,
2020.
About WidePoint
WidePoint Corporation (NYSE American: WYY) is a leading provider of
trusted mobility management (TM2) solutions, including telecom
management, mobile management, identity management, and digital
billing and analytics. For more information,
visit widepoint.com.
Investor Relations:
Gateway Investor Relations
Matt Glover or Charlie Schumacher
949-574-3860, WYY@gatewayir.com