PHOENIX - Edgio, Inc. (NASDAQ: EGIO), a company specializing in edge platform services, has declared that it will implement a one-for-forty reverse stock split of its common stock, with a par value of $0.001 per share, starting March 1, 2024. This corporate action, approved by the Board of Directors, is aimed at consolidating forty shares of existing common stock into one share.
The reverse stock split will be applied uniformly to all issued and outstanding common stock, without altering the number of authorized shares or the par value. The company assures that this move will not affect the proportionate equity interest or voting rights of shareholders, except to the extent that fractional shares resulting from the reverse split will be settled in cash.
Shareholders holding stock certificates will receive instructions from the transfer agent on exchanging their certificates for new ones that represent the post-split share count. Those with shares in brokerage accounts need not take any action, as the exchange will be handled by their brokers. The common stock will have a new CUSIP number, 53261M203, following the reverse stock split.
This announcement is informational and not an offer to sell or a solicitation to buy securities. Further details regarding this reverse stock split will be available in the related Form 8-K to be filed with the U.S. Securities and Exchange Commission.
Edgio's platform is designed to deliver online experiences and content with increased speed, security, and control. The company operates a globally scaled edge network integrated with application and media solutions, aiming to provide a comprehensive platform for web property and streaming content delivery.
This press release is based on a press release statement and contains forward-looking statements subject to risks and uncertainties. Edgio has stated that it does not intend to update these forward-looking statements publicly, even if new information becomes available in the future.
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