Edgio, Inc. (NASDAQ: EGIO), the leading platform for speed, scale, security, and simplicity at the edge, has revealed its plans to implement a one-for-forty reverse stock split of its common stock. The decision, approved by the Company’s Board of Directors, aims to enhance shareholder value and streamline the company’s capital structure.
Effective March 1, 2024, the reverse stock split will convert every forty shares of Edgio’s issued and outstanding common stock into one share. This consolidation will not impact the number of authorized shares or stockholders’ proportionate equity interest or voting rights in the company. The par value of the Common Stock will also remain unchanged.
The reverse stock split will be executed uniformly for all outstanding Common Stock, ensuring equal treatment for all stockholders. However, fractional shares resulting from the reverse stock split will be converted into fair value in cash. Edgio’s transfer agent will provide instructions to stockholders on how to exchange their certificates representing shares of Common Stock for the appropriate number of whole shares of post-reverse stock split Common Stock.
Stockholders who hold their shares in brokerage accounts will not be required to take any action to exchange their shares. The new CUSIP number for the Common Stock will be 53261M203.
Edgio (NASDAQ: EGIO) is a trusted partner for companies seeking to deliver online experiences and content faster, safer, and with greater control. Its developer-friendly, globally scaled edge network, combined with fully integrated application and media solutions, offers a comprehensive platform for the delivery of high-performing, secure web properties and streaming content. By leveraging Edgio’s end-to-end edge services, businesses can enhance content delivery speed and security, ultimately boosting revenue and overall business value.
It is important to note that this press release does not constitute an offer to sell or the solicitation of an offer to buy securities. The reverse stock split will be subject to registration or qualification under the securities laws of the relevant jurisdiction.
Looking ahead, Edgio remains committed to providing innovative solutions and driving growth in the digital landscape. The company encourages interested parties to refer to the related Form 8-K, which will be filed with the U.S. Securities and Exchange Commission, for more detailed information on this transaction.
With its focus on delivering exceptional online experiences and content, Edgio continues to position itself as a leader in the industry. To learn more about Edgio and its offerings, visit edg.io and follow the company on Twitter, LinkedIn, and Facebook.
Forward-Looking Statements:
This press release may contain forward-looking statements that involve risks and uncertainties. These statements are based on information available to Edgio as of the date of this press release and reflect the company’s current expectations. Actual results may differ materially from those anticipated due to various factors, including those disclosed in Edgio’s SEC filings. The company undertakes no obligation to revise or publicly release any revisions to these forward-looking statements, except as required by law.
Source: Edgio, Inc.
