iPass Announces Reverse Stock Split
The 1-for-10 reverse stock split will be effective upon the filing and effectiveness of a Certificate of Amendment to the Company’s Restated Certification of Incorporation after the market closes on
At iPass’ 2018 Annual Meeting of Stockholders held on
iPass’ shares of common stock will continue to trade on the
Upon the effectiveness of the reverse stock split, every 10 shares of iPass’ issued and outstanding common stock will automatically be converted into one share of common stock. No fractional shares will be issued if, as a result of the reverse stock split, a stockholder would otherwise become entitled to a fractional share. Instead, each stockholder will be entitled to receive a cash payment equal to the fair value of the fractional share to which such holder would otherwise be entitled. The fair value will be based upon the closing price of the Company’s common stock on the
iPass (NASDAQ: IPAS) is a leading provider of global mobile connectivity, offering simple, secure, always-on Wi-Fi access on any mobile device. Built on a software-as-a-service (SaaS) platform, the iPass cloud-based service keeps its customers connected by providing unlimited Wi-Fi connectivity on unlimited devices. iPass is the world’s largest Wi-Fi network, with more than 64 million hotspots globally, at airports, hotels, train stations, convention centers, outdoor venues, inflight, and more. Using patented technology, the iPass
iPass® is a registered trademark of
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