Mobivity Announces Reverse Stock Split
PHOENIX, AZ -- (Marketwired) -- 10/03/13 -- Mobivity Holdings Corp. (OTCQB: MFON), an award-winning provider of proprietary and patented mobile marketing technologies and solutions, announced today that it has filed an information statement with the Securities and Exchange Commission concerning a reverse stock split of its common stock, which is expected to occur approximately 30 days from today. The proposal to effect a reverse stock split has been approved by the Company's Board of Directors and stockholders by majority written consent.
Dennis Becker, chairman and chief executive officer of Mobivity commented, "Mobivity has made a number of strides over the last few months, which include the completion of a successful financing and the acquisition of Front Door Insights, which should pave the way to fully launch the Mobivity suite of mobile marketing solutions to customers across the United States."
Mr. Becker added, "The purpose of this reverse stock split is to position the Company to become listed on a national exchange, subject to our ability to satisfy the listing requirements, which should allow the company access to a much larger group of investors that will only invest in companies that are nationally listed, as well as enhanced liquidity to our shareholders. We look forward to the enhanced recognition and accessibility that a possible listing on a national exchange will bring."
The reverse stock split will affect all shares of the Company's common stock outstanding immediately prior to the effective time of the reverse stock split, as well as the number of shares of common stock available for issuance under the Company`s equity incentive plans. In addition, the reverse stock split will effect a reduction in the number of shares of common stock issuable upon the exercise of stock options or warrants outstanding immediately prior to the effectiveness of the reverse stock split, with a proportional increase in the exercise price. No fractional shares will be issued as a result of the reverse stock split.
vStock Transfer is acting as exchange agent and transfer agent for the reverse stock split. vStock Transfer will provide instructions to stockholders regarding the process for exchanging their pre-split stock certificates for post-split stock certificates. Additional information regarding the reverse stock split can be found in the Company`s preliminary information statement filed with the Securities and Exchange Commission on October 3rd, 2013.
Mobivity is an award-winning provider of a suite of patented mobile marketing technologies that drive sales, enhance customer engagement, and reward customer loyalty for local businesses and national brands. Its solutions, including an industry-leading text messaging product and innovative Stampt™ mobile loyalty application, enable businesses across the United States to drive incremental business and profitability by quickly and effectively communicating discounts and special offers to their most loyal customers. Additionally, Mobivity offers a unique, high definition graphical system platform that allows its clients to enhance customer or fan experience by interacting with their mobile phones and video boards or screens in real time. Mobivity's clients include national brands such as CNN, Disney, the NFL, Sony Pictures, AT&T, United States Tennis Association, Chick-fil-A, the Golf Channel, NBC Universal, and numerous professional sports teams, as well as thousands of small, local businesses across the U.S. For more information, visit www.mobivity.com.
Safe Harbor Statement
This press release contains forward-looking statements concerning Mobivity Holdings Corp. within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Those forward-looking statements include statements regarding the proposed 1-for-6 reverse split and its potential benefits, expectations for the growth of the Company's operations, sales force and revenue; the advantages and growth prospects of the mobile marketing industry; and the expected contributions to the Company's success by its recent additions to management. Such statements are subject to certain risks and uncertainties, and actual circumstances, events or results may differ materially from those projected in such forward-looking statements. Factors that could cause or contribute to differences include, but are not limited to, our ability to conclude the 1-for-6 reverse split, the successful trading of our common stock post-split, our ability to meet the initial listing requirements for a listing on a national stock exchange, our ability to successfully integrate our recent additions to management; our ability to develop the sales force required to achieve our development and revenue goals; our ability to raise additional working capital as and when needed; changes in the laws and regulations affecting the mobile marketing industry and those other risks set forth in Mobivity Holdings Corp.'s annual report on Form 10-K for the year ended December 31, 2012 filed with the SEC on March 21, 2013 and subsequently filed quarterly reports on Form 10-Q. Mobivity Holdings Corp. cautions readers not to place undue reliance on any forward-looking statements. Mobivity Holdings Corp. does not undertake, and specifically disclaims any obligation, except as required by law, to update or revise such statements to reflect new circumstances or unanticipated events as they occur.
Contact: Dennis Becker Mobivity Chief Executive Officer 877-282-7660 Robert Blum Joe Dorame Joe Diaz Lytham Partners, LLC 602-889-9700 Email Contact
Source: Mobivity Holdings Corp.
Released October 3, 2013