NEW YORK, April 26, 2019 /PRNewswire/ -- TheStreet,
Inc. (Nasdaq: TST) a leading financial news and information
company, today announced that the Company's previously announced
1-for-10 reverse stock split of the Company's common stock (the
"Common Stock") became effective today prior to the opening of
trading on Nasdaq, and that the Common Stock will begin trading on
a split-adjusted basis at the opening of trading today under the
new CUSIP number 88368Q 202. The reverse stock split follows the
Company's recently completed special cash distribution of
$1.77 per share of Common Stock,
which was paid to stockholders earlier this week.
As a result of the reverse stock split, each 10 shares of issued
Common Stock were converted into one share of Common Stock. The
reverse stock split affected all stockholders uniformly and did not
alter any stockholder's percentage ownership interest in the
Company, except to the extent that the reverse stock split resulted
in any of the Company's stockholders owning a fractional share.
Shareholders will receive cash in lieu of any fraction of a share
that they would have otherwise been entitled to receive as a result
of the reverse stock split. The reverse stock split reduced the
number of shares of outstanding Common Stock from approximately
53.3 million to approximately 5.3 million. The number of authorized
shares of Common Stock under the Company's Restated Certificate of
Incorporation has been proportionately reduced from 100 million
shares to 10 million shares.
American Stock Transfer & Trust Company, LLC, the Company's
transfer agent, is acting as the exchange agent in connection with
the reverse stock split. Shareholders holding Common Stock in
certificated form will receive instructions from the transfer agent
on how to surrender the certificates representing the pre-split
shares in exchange for the new book-entry shares in electronic
form. Shareholders who hold their shares electronically or in
street name are not required to take any action to effect the
exchange of their shares.
About TheStreet
TheStreet, Inc. (NASDAQ: TST,
www.t.st) is a leading financial news and information provider to
investors and institutions worldwide. The Company's flagship brand,
TheStreet (www.thestreet.com), has produced unbiased business news
and market analysis for individual investors for more than 20
years.
Notice Regarding Forward-Looking Statements
This press
release contains forward-looking statements as that term is defined
in the Private Securities Litigation Reform Act of 1995.
These forward-looking statements include statements regarding the
timing and effectiveness of the reverse stock split and the
Company's plans, objectives, expectations and intentions with
respect to the reverse stock split. Such forward-looking
statements are subject to risks and uncertainties, including those
described in the Company's filings with the Securities and Exchange
Commission ("SEC") that could cause actual results to differ
materially from those reflected in the forward-looking
statements. Factors that might contribute to such differences
include, among others, economic downturns and the general state of
the economy, including the financial markets and mergers and
acquisitions environment; our ability to drive revenue, and
increase or retain current subscription revenue; our ability to
develop new products; competition and other factors set forth in
our filings with the SEC, which are available on the SEC's website
at www.sec.gov. All forward-looking statements contained
herein are made as of the date of this press release.
Although the Company believes that the expectations reflected in
the forward-looking statements are reasonable, the Company cannot
guarantee future results or occurrences. The Company
disclaims any obligation to update these forward-looking
statements, whether as a result of new information, future
developments or otherwise.
Contact: Eric Lundberg, CEO and
CFO, TheStreet, Inc., Eric.lundberg at thestreet.com; Jared Verteramo, General Counsel and Corporate
Secretary, TheStreet, Inc., Jared.verteramo at thestreet.com
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SOURCE TheStreet, Inc.