LAS VEGAS, Nov. 28, 2016 (GLOBE NEWSWIRE) -- Live Ventures Incorporated (Nasdaq:LIVE) (“Live Ventures” or the “Company”), a diversified holding company, announces today that it will effect a 1-for-6 reverse split of its outstanding common stock, which will be effective for trading purposes as of the commencement of trading on Thursday, December 8, 2016.
A primary purpose of the reverse split is to broaden the appeal of the Company’s stock to include institutional investors following the closing of the Company’s second major acquisition in the past 18 months. Management continues to believe the Company’s stock is undervalued and the Company continues to repurchase its shares in the market.
The reverse split was not undertaken to facilitate any financing transactions nor for NASDAQ compliance reasons, as the Company is in full compliance with all relevant NASDAQ standards.
“The decision to effect the reverse split was made in consultation with investors, advisors and our Board of Directors. We believe the resulting increase in our share price will broaden our appeal to include institutional stockholders, who typically have not been able to invest in us because of the recent price level of our stock,” said Jon Isaac, CEO of Live Ventures Incorporated. “We believe that broadening our traditionally retail investor base to include institutional investors will create a more robust market for our stock, which should translate into a stock price that will reflect our company’s increasing value.”
Trading of the Company’s common stock on The Nasdaq Capital Market will continue, on a post-split basis, with the opening of the markets on December 8, 2016, under the existing trading symbol “LIVE” and with a new CUSIP number: 538142 308. As a result of the reverse stock split, every six shares of the Company’s pre-reverse split common stock will be combined and reclassified into one share of common stock. Further, the reverse stock split will not affect proportionate voting rights and other rights of common stockholders. Stockholders who would otherwise hold a fractional share of common stock will receive an increase to their common stock as the common stock will be rounded up to a full share. No fractional shares will be issued in connection with the reverse stock split.
About Live Ventures Incorporated
Live Ventures Incorporated is a diversified holding company with several wholly owned subsidiaries and a strategic focus on acquiring profitable companies that have demonstrated a strong history of earnings power. Live Ventures Incorporated provides, among other businesses, marketing solutions that boost customer awareness and merchant visibility on the Internet. The Company operates a deal engine, which is a service that connects merchants and consumers via an innovative platform that uses geo-location, enabling businesses to communicate real-time and instant offers to nearby consumers. In addition, it maintains, through its subsidiary, ModernEveryday, an online consumer products retailer and, through its subsidiary, Marquis Industries, a specialty, high-performance yarns manufacturer, hard-surfaces re-seller, which is a top-10 high-end residential carpet manufacturer in the United States. Marquis Industries, through its A-O Division, utilizes its state-of-the-art yarn extrusion capacity to market monofilament textured yarn products to the artificial turf industry. Marquis is the only manufacturer in the world that can produce certain types of yarn prized by the industry.
Forward-Looking and Cautionary Statements
This press release may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. In accordance with the safe harbor provisions of this Act, statements contained herein that look forward in time that include everything other than historical information, involve risks and uncertainties that may affect the Company’s actual results. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Live Ventures Incorporated may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission on Forms 10-K, 10-Q and 8-K, in its annual report to stockholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. There can be no assurance that such statements will prove to be accurate and there are a number of important factors that could cause actual results to differ materially from those expressed in any forward-looking statements made by the Company, including, but not limited to, plans and objectives of management for future operations or products, the market acceptance or future success of our products, and our future financial performance. The Company cautions that these forward-looking statements are further qualified by other factors including, but not limited to, those set forth in the Company’s Form 10-K for the fiscal year ended September 30, 2016, most recent Form 10-Q, and other filings with the U S. Securities and Exchange Commission (available at http://www.sec.gov). The Company undertakes no obligation to publicly update or revise any statements in this release, whether as a result of new information, future events, or otherwise.
Contact: Live Ventures Incorporated Tim Matula, investor relations 425-836-9035 tmatula@live-ventures.com http://live-ventures.comSource: Live Ventures Incorporated
Released November 28, 2016