iGo, Inc. Announces FINRA Approval of Reverse/Forward Stock Splits
LOS GATOS, Calif.--(BUSINESS WIRE)--iGo, Inc. (OTC PINK: IGOI) (the “Company” or “iGo”) announced today that it has received approval from the Financial Industry Regulatory Authority ("FINRA") clearing the reverse and forward stock splits of the Company’s common stock previously approved by its stockholders and announced on June 25, 2014. The reverse and forward stock splits are intended to reduce the costs associated with servicing stockholder accounts holding relatively small numbers of shares of the Company’s common stock. According to FINRA's approval, the reverse and forward stock splits will take effect on July 18, 2014 ("Effective Date"). On the Effective Date, the Company's trading symbol will be changed from "IGOI" to "IGOID" for approximately 20 business days after which it will revert to IGOI.
Pursuant to the reverse and forward stock splits, stockholders holding less than 250 shares of the Company’s common stock immediately prior to the effective time of reverse stock split will not receive fractional shares in the reverse stock split, but will instead have their shares cancelled and converted into the right to receive a cash payment of $3.35 per pre-reverse stock split share. Stockholders holding 250 or more shares of the Company’s common stock immediately prior to the effective time of the reverse stock split will not receive a cash payment, but will continue to hold the same number of shares after completion of the reverse/forward stock split as they held immediately prior to the reverse stock split.
For more information regarding the reverse/forward stock split, please refer to the Proxy Statement relating to the Company's stockholder meeting held on May 13, 2014 that was previously mailed to the Company’s stockholders.
About iGo, Inc.
iGo has been a leader in the mobile accessories industry since 1995, offering premium power solutions for laptop computers and electronic mobile devices that enhance the possibility of living life fully charged. iG0's universal chargers, batteries, and audio accessories offer support and performance that elevates the mobile consumer experience.
iGo’s products are available at www.igo.com as well as through leading resellers and retailers.
iGO is a registered trademark of iGo, Inc. All other trademarks or registered trademarks are the property of their respective owners.
iGo has adopted a Rights Agreement to deter acquisitions of 4.9% or more of the Company's common stock (subject to certain exceptions) by any group or person in order to protect the Company's ability to utilize its net loss carryforwards to reduce potential future federal income tax obligations.
iGo’s Certificate of Incorporation limits the ability of any group or person to acquire 5% or more of iGo’s common stock (subject to certain exceptions as provided in the Certificate of Incorporation) in order to protect iGo’s ability to utilize its net operating loss carryforwards and renders inapplicable to iGo the limitations of Section 203 of the Delaware General Corporation Law.
Certain information in this press release may constitute forward-looking statements, within the meaning of within the meaning of the Private Securities Litigation Reform Act of 1995. The words “believe,” “expect,” “anticipate,” “should,” and other similar statements of our expectation identify forward-looking statements. These statements are based on the Company’s current expectations and economic environment and are not guarantees of future performance. These statements involve involves risks and uncertainties that could cause actual results to differ materially from those estimated. Persons are cautioned that such forward-looking statements are not guarantees of future performance and are subject to various factors that could cause actual results to differ materially from those estimated. Undue reliance should not be placed on such forward-looking statements.
The Company undertakes no obligation to publicly update or revise any forward-looking statements, or any facts, events, or circumstances after the date hereof that may bear upon forward-looking statements. Additionally, the Company does not undertake any responsibility to update you on the occurrence of unanticipated events which may cause actual results to differ from those expressed or implied by these forward-looking statements.