Robotic Vision (NASDAQ:ROBV)
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From Dec 2019 to Dec 2024
Robotic Vision Systems, Inc. Will Reverse Split Its Shares 1 For 5
Note: RVSI has scheduled a conference call at 8:30 a.m. on Tuesday, December 2
(tomorrow) to discuss this topic as well as the company's new credit facility
which is also being announced this morning. To listen to the call, log on to
rvsi.com or ccbn.com. A replay of the call will be available at the two websites
or by calling 630-395-0036 beginning at 9:00 a.m.
NASHUA, N.H., Dec. 1 /PRNewswire-FirstCall/ -- Robotic Vision Systems, Inc.
(RVSI) (ROBV.PK, RVSI.PK, ROBV.OB, RVSI.OB) today said the company Board of
Directors has authorized a 1:5 reverse split of the company's shares. The split
becomes effective with the opening of trading today, December 1. Following the
split, RVSI will have approximately 14.7 million shares outstanding.
Also, with the opening of trading today, RVSI's trading symbol will change to
RVSI.
"The Board took this action in consultation with investment bankers as well as
with members of the financial community," said Pat V. Costa, Chairman and CEO of
RVSI. "The reverse stock split strengthens our case in our appeal to Nasdaq for
re-listing to the Nasdaq SmallCap Market. Our plan to meet their minimum bid
requirement was cited in their request for supplemental materials from the
company. We were also aware that the shares and warrants issued in connection
with our recent private placement and new credit facility gave us no maneuvering
room under our 100 million share ceiling." Mr. Costa said the proportion of the
reverse split was determined by multiple factors, including a desire to make the
company's shares more desirable to institutional investors. "Many institutions
have investment policies restricting investments in low-priced stocks," Mr.
Costa said. "We do not want share price to be an impediment to owning our
shares. The one-for-five ratio was struck principally for that reason."
About RVSI
Robotic Vision Systems, Inc. (RVSI) (RVSI.PK, RVSI.OB, ROBV.PK, ROBV.OB) has the
most comprehensive line of machine vision systems available today. Headquartered
in Nashua, New Hampshire, with offices worldwide, RVSI is the world leader in
vision-based semiconductor inspection and Data Matrix-based unit-level
traceability. Using leading-edge technology, RVSI joins vision- enabled process
equipment, high-performance optics, lighting, and advanced hardware and software
to assure product quality, identify and track parts, control manufacturing
processes, and ultimately enhance profits for companies worldwide. Serving the
semiconductor, electronics, aerospace, automotive, pharmaceutical and packaging
industries, RVSI holds approximately 100 patents in a broad range of
technologies. For more information visit http://www.rvsi.com/ or call (800)
669-5234.
Forward Looking Statement
Except for the historical information herein, certain matters discussed in this
release include forward-looking statements that may involve a number of risks
and uncertainties. Actual results may vary significantly based on a number of
factors, including, but not limited to: the historical cyclical nature of the
semiconductor industry, risks in products and technology development, market
acceptance of new products and continuing product demand, the impact of
competitive products and pricing, changing economic conditions, both here and
abroad, timely development and release of new products, strategic suppliers and
customers, the effect of the company's accounting policies and other risk
factors detailed in the Company's annual report on Form 10-K, and other filings
with the Securities and Exchange Commission.
DATASOURCE: Robotic Vision Systems, Inc.
CONTACT: Neal H. Sanders of Robotic Vision Systems, Inc.,
+1-781-302-2439
Web site: http://www.rvsi.com/