OREM, UT--(Marketwired - January 26, 2017) - ActiveCare, Inc. (OTCQB: ACAR) announced today that it will effect a 1-for-500 reverse stock split of its common stock (the "Reverse Split"). The Reverse Split was approved by the Company's stockholders. The Reverse Split will be effective and the Company's common stock will trade on a split-adjusted basis as of the opening of business on Friday, January 27, 2017. The exercise and conversion prices of the Company's outstanding warrants and convertible notes, as well as the amount of shares issuable pursuant to the Company's equity compensation plans, will be adjusted accordingly.
Upon the effectiveness of the Reverse Split, each five hundred shares of the Company's issued and outstanding common stock will be automatically combined and converted into one issued and outstanding share of common stock, par value $0.00001 per share. The Company will not issue any fractional shares in connection with the Reverse Split. Fractional share interests will be rounded up. The Reverse Split will not modify the rights or preferences of the Company's common stock.
The Company's transfer agent, American Stock Transfer & Trust Company, LLC, will act as exchange agent for the Reverse Split. American Stock Transfer & Trust Company, LLC will provide stockholders of record holding certificates representing pre-split shares of the Company's common stock as of the effective date a letter of transmittal with instructions for the exchange of shares. Registered stockholders holding pre-split shares of the Company's common stock electronically in book-entry form are not required to take any action to receive post-split shares. Stockholders owning shares via a broker or other nominee will have their positions automatically adjusted to reflect the Reverse Split, subject to brokers' particular processes, and will not be required to take any action in connection with the Reverse Split. American Stock Transfer & Trust Company, LLC can be reached at (800) 937-5449 or (718) 921-8317.
Additional information regarding the Reverse Split can be found in the Company's information statement filed with the U.S. Securities and Exchange Commission on September 13, 2016, a copy of which is available at www.sec.gov.
ActiveCare, Inc. focuses on providing monitoring services for individuals with diabetes. Its CareCenter is staffed around the clock by highly trained specialists offering all manner of assistance with health monitoring. Headquartered in Orem, Utah, and publicly traded on the OTC Bulletin Board under symbol ACAR, ActiveCare, Inc. is committed to providing consistent excellence in quality and safety as well as friendly care for members and caregivers alike. To learn more about ActiveCare, Inc., visit www.activecare.com.
Certain statements in this press release may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements, which include statements relating to the effectiveness of the Reverse Split, are made on the basis of the current beliefs, expectations and assumptions of the management of ActiveCare and are subject to significant risks and uncertainty. Investors are cautioned not to place undue reliance on any such forward-looking statements. All such forward-looking statements speak only as of the date they are made, and ActiveCare undertakes no obligation to update or revise these statements, whether as a result of new information, future events or otherwise. Although ActiveCare believes that the expectations reflected in these forward-looking statements are reasonable, these statements involve many risks and uncertainties that may cause actual results to differ materially from what may be expressed or implied in these forward-looking statements. For a further discussion of risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of ActiveCare in general, see the risk disclosures in the Annual Report on Form 10-K of ActiveCare for the year ended September 30, 2016, and in subsequent reports on Forms 10-Q and 8-K and other filings made with the U.S. Securities and Exchange Commission by ActiveCare.