RALEIGH, N.C.--(BUSINESS WIRE)--MaxPoint (NYSE: MXPT), the company that helps manufacturers and retailers generate in-store sales with its innovative Digital Zip® technology, today announced that it will effect a reverse stock split at a ratio of one share of newly issued common stock for each four shares of issued and outstanding common stock. MaxPoint anticipates that the reverse stock split will be effective at 5:00 p.m. Eastern Time on April 25, 2016, and that its common stock will commence trading on a split-adjusted basis as of the opening of trading on April 26, 2016.
MaxPoint's stockholders approved a proposal on April 22, 2016 at the company's annual meeting of stockholders giving the Board of Directors authority to execute an amendment to MaxPoint's certificate of incorporation to effect the reverse stock split at exchange ratios ranging from 1 for 4 up to 1 for 10, with the specific exchange ratio and the timing of executing the reverse stock split at the discretion of MaxPoint's Board of Directors.
Upon effectiveness of the reverse stock split, each four shares of issued and outstanding common stock will be automatically converted into one newly issued and outstanding share of common stock. This will proportionally reduce the total number of shares outstanding from approximately 26.3 million shares to approximately 6.6 million shares. Proportional adjustments will also be made to all shares of common stock issuable under MaxPoint's equity incentive plans. The reverse stock split will not affect any stockholder's ownership percentage of MaxPoint's common shares; however, the common shares will trade under a new CUSIP number, 57777M201, effective April 26, 2016.
No fractional shares will be issued in connection with the reverse stock split. Any fractional share of common stock that would otherwise have resulted from the reverse stock split will be converted into the right to receive cash payments equal to such fraction multiplied by the closing sales price of the common stock as reported on the New York Stock Exchange on April 25, the last trading day immediately preceding the effective date of the reverse stock split. MaxPoint's trading symbol of "MXPT" will not change as a result of the reverse stock split.
MaxPoint has chosen its transfer agent, Computershare Trust Company, N.A., to act as exchange agent for the reverse stock split. Stockholders holding their shares in book-entry form or through a bank, broker or other nominee do not need to take any action in connection with the reverse stock split, and will see the impact of the reverse stock split automatically reflected in their accounts following the effective date.
MaxPoint is a marketing technology company that generates hyperlocal intelligence to optimize brand and retail performance. We provide a platform for brands to connect the digital world with the physical world through hyperlocal execution, measurement, and consumer insights.
The company’s proprietary Digital Zip® technology and the MaxPoint Intelligence Platform™ predict the most likely buyers of a specific product at a particular retail location and then execute cross-channel digital marketing programs to reach these buyers. For more information, visit maxpoint.com.