MINNEAPOLIS, MN -- (Marketwire) -- 12/17/12 -- Wireless Ronin Technologies, Inc. (NASDAQ: RNIN) today announced that its one-for-five reverse stock split was completed effective on the close of business on December 14, 2012. Trading of the Company's common stock on The NASDAQ Capital Market will begin on a split-adjusted basis at the open of trading on December 17, 2012.
On November 29, 2012, the Company's Board of Directors approved a one-for-five share combination of its common stock, also known as a reverse stock split, to be effective at 5:00 p.m. ET on December 14, 2012. The Company filed an amendment to its Articles of Incorporation to effect the reverse stock split.
The reverse stock split is intended to enable the per share trading price of the Company's common stock to increase to satisfy the minimum bid price requirement for continued listing set forth in NASDAQ Listing Rule 5810(b).
As a result of the reverse stock split, every five shares of the Company's common stock that were issued and outstanding as of the effective time were automatically combined into one issued and outstanding share without any change in the par value of such shares, and the number of authorized but unissued shares of the Company's common stock was proportionally reduced. A proportionate adjustment also was made to the Company's outstanding derivative securities. To reflect the reverse stock split, NASDAQ will append the fifth character "D" to the ticker symbol of the Company's common stock for 20 business days.
No fractional shares of common stock will be issued as a result of the reverse stock split. Shareholders of record who would otherwise be entitled to fractional shares will receive cash in lieu of fractional shares.
Following the reverse stock split, the Company expects to have approximately 4,998,014 shares of common stock outstanding. The CUSIP number for the post-split shares will be 97652A 302.
About Wireless Ronin Technologies, Inc.
Wireless Ronin Technologies, Inc. (WRT) (NASDAQ: RNIN) (www.wirelessronin.com), is a marketing technologies company with leading expertise in current and emerging digital media solutions, including signage, interactive kiosks, mobile, social media and web, that enable clients to transform how they engage with their customers. WRT provides marketing technology solutions and services to clients, helping increase revenue and improve operating efficiencies to execute marketing initiatives. Since launching RoninCast® digital signage software in 2003, WRT has led the digital signage industry by bringing leading edge technology, services and support to its clients. WRT offers an array of services to support its clients' marketing technology needs including consulting, creative development, project management, installation, training, and support and hosting. The company's common stock trades on the NASDAQ Capital Market under the symbol "RNIN." Follow us on Twitter (https://twitter.com/wirelessronin) and Pinterest (http://pinterest.com/rnin/) and like us on Facebook (https://www.facebook.com/wirelessronin).
This release contains certain forward-looking statements of expected future developments, as defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect management's expectations regarding continued listing on NASDAQ and other matters and are based on currently available data; however, actual results are subject to future risks and uncertainties, which could materially affect actual performance. Risks and uncertainties that could affect such performance include, but are not limited to, the following: estimates of future expenses, revenue and profitability; the pace at which the company completes installations and recognizes revenue; trends affecting financial condition and results of operations; ability to convert proposals into customer orders; the ability of customers to pay for products and services; the revenue recognition impact of changing customer requirements; customer cancellations; the availability and terms of additional capital; ability to develop new products; dependence on key suppliers, manufacturers and strategic partners; industry trends and the competitive environment; and the impact of losing one or more senior executives or failing to attract additional key personnel. These and other risk factors are discussed in detail in the risk factors section of the company's Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 21, 2012.
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