Kopin announces plans for reverse stock split
Kopin announced that its Board of Directors has approved a proposal, to be submitted to stockholders for approval at a Special Meeting of Stockholders anticipated to be held on March 2, to authorize the Board of Directors to effect a reverse stock split of the company's common stock. The reverse stock split proposal is subject to stockholder approval and includes a proposed range between 1-for-2 and 1-for-20 shares of outstanding common stock. The final ratio will be determined by Kopin's Board of Directors or a duly authorized committee thereof after stockholder approval. The price of each common share is expected to increase so that a stockholder would have fewer but higher priced shares. A reverse stock split would not have any impact on the voting and other rights of stockholders and will have no impact on the company's business operations. The reverse stock split is intended to enable Kopin to regain full compliance with the Nasdaq listing rules. As previously announced, Kopin will regain compliance with the Nasdaq share price listing rule if at the last trading day of any month during the six-month cure period, or at April 6, the end of the six-month cure period, the company has at least a $1.00 share price and has maintained at least a $1.00 average closing share price over the preceding 10 consecutive business days. Kopin's common stock continues to be listed on the Nasdaq and will continue to trade as usual during the six-month cure period.