STOCKHOLM, Oct. 1, 2018 /PRNewswire/ -- Neonode Inc. (NASDAQ: NEON), the optical interactive sensing technology company, today announced that a 1-for-10 reverse stock split of its issued and outstanding common stock will be effective as of the commencement of trading today on Monday, October 1, 2018.
The split-adjusted shares of common stock will continue trading under the existing symbol "NEON" on The Nasdaq Capital Market.
As a result of the reverse stock split, every ten shares of issued and outstanding common stock will automatically be converted into one share of common stock. No fractional shares will be issued as a result of the reverse stock split. Stockholders who otherwise would be entitled to receive a fractional share in connection with the reverse stock split will be entitled to a cash payment in lieu thereof.
Stockholders granted the Board of Directors of Neonode discretionary authority to effect the reverse stock split at the annual meeting of stockholders held on June 7, 2018.
In connection with the reverse stock split, the number of authorized shares of common stock of Neonode will proportionately decrease to 10 million.
American Stock Transfer & Trust Company, LLC is acting as exchange agent for the reverse stock split and will provide information to stockholders of record. Stockholders who hold their shares in brokerage accounts or "street name" are not required to take any action to effect the exchange of their shares.
The new CUSIP number for Neonode common stock following the reverse stock split will be 64051M709.
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