Viggle, Inc. (FNCX) Announces 1-for-20 Reverse Stock Split
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Function(x) Inc. (Nasdaq: FNCX) (the “Company”) today announced a reverse stock split of its shares of common stock at a ratio of 1-for-20 shares effective when the market opens on September 16, 2016. At the market open on Friday, September 16, 2016, the Company’s common stock will begin trading on a split-adjusted basis, under the same trading symbol, FNCX.
As a result of the reverse split, each 20 pre-split shares of common stock outstanding will automatically combine into one new share of common stock without any action on the part of the holders. The reverse split will also apply to common stock issuable upon the exercise of the Company’s outstanding warrants and stock options.
As a result of the reverse stock split, the Company’s issued and outstanding shares of common stock will decrease to approximately 3,023,753 shares, post-split, from approximately 60,475,058 shares, pre-split. No fractional shares will be issued as a result of the reverse split. Owners of fractional shares outstanding after the reverse stock split will be paid cash for such fractional interests.
The reverse split was approved by the Company’s Board of Directors on September 9, 2016, in part, to enable the Company to regain and maintain compliance with the minimum closing bid price of $1.00 per share for continued listing on The Nasdaq Capital Market.
Robert F.X. Sillerman, Executive Chairman and Chief Executive Officer, said, “With this reverse stock split, we expect to satisfy Nasdaq’s minimum bid price requirement and to maintain compliance with that requirement as we move forward with the development of our business. We are highly confident about the long-term prospects of our Company as we continue to make Function(x) a premier destination for digital content consumption.”
Additional information about the reverse stock split can be found in the Company’s definitive proxy statement filed with the Securities and Exchange Commission on September 16, 2016, a copy of which is available at www.sec.gov.
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