Actionable news
0
All posts from Actionable news
Actionable news in NETE: Net Element International, Inc.,

Net Element Announces Shareholder Approval for Reverse Stock Split

Special Meeting of Stockholders Held on November 16th Resulted in Shareholder Approval to Effect a Reverse Stock Split in Order to Achieve Compliance With NASDAQ's Minimum Bid Price Requirement

MIAMI, FL -- (Marketwired) -- 11/18/15 -- Net Element, Inc.(NASDAQ:NETE) ("Net Element" or the "Company"), a provider of global mobile payment technology solutions and value-added transactional services, announced today that it held a special meeting of stockholders. Shareholders approved the reverse stock split of the Company's common stock at a ratio of between 1 for 10 and 1 for 30, inclusive, which ratio will be selected at the sole discretion of the Company's board of directors. Shareholders also approved the issuance by the Company of restricted shares of common stock and certain options to acquire restricted shares of common stock, in each case issuable pursuant to the previously announced terms of the equity financing agreement dated September 11, 2015 (as amended).

"Our intent is to continue to trade on the NASDAQ Capital Market," said Oleg Firer, CEO of Net Element. "The Company is in the process of obtaining and extension to the period within which the Company would be required to achieve compliance with the Nasdaq's minimum bid price requirement. Accordingly, the date when the reverse stock split will be effectuated will be determined by the Company's board of directors at a later date.

About Net Element

Net Element, Inc. (NASDAQ:NETE) operates a payments-as-a-service platform for small to medium enterprise ("SME") in the US, Russian Federation and other international markets. In the US it aims to grow transactional revenue by innovating SME productivity services such as its cloud based, restaurant point-of-sale solution Aptito. Internationally, Net Element's strategy is to leverage its omni-channel platform to deliver flexible offerings to emerging markets with diverse banking, regulatory and demographic conditions such as UAE, Russia, Kazakhstan, India and Latin America. It maintains offices in Miami, FL, Russia and in the Republic of Cyprus. Further information is available at www.netelement.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section...


More