PHOENIX, Aug. 13, 2019 /PRNewswire/ -- RAADR, Inc. (OTC PINK: RDAR), a technology and software development company that monitors cyber-bullying and social media platforms with artificial intelligence, announced Tuesday August 13th that its Board of Directors approved a one-for-five thousand (1-for-5,000) reverse stock split (the" Reverse Split") of its common stock that will become effective today, August 13, 2019.
The Company filed Articles of Amendment in Nevada to effectuate the Reverse Split.
The Reverse Split affects only the outstanding common stock of the Company.
The Company is authorized to issue 9,000,000,000 shares of common stock.
Prior to the Reverse Split, the Company had 5,298,840,880 shares of common stock outstanding.
Following the Reverse Split, the Company will have approximately 1,059,770 shares of common stock, which number will be adjusted for rounding. (In lieu of fractional shares, the shares of common stock following the Reverse Split will be rounded up to the nearest whole share.)
Beginning on August 13, 2019, the Company's common stock will trade on the OTC Pink Markets on a Reverse-Split adjusted basis.
On September 27, 2018, the Board of Directors of the Company approved the Reverse Split.
On September 27, 2018, the shareholders of the Company, acting by written consent, approved the Reverse Split.
The Reverse Split uniformly affects all issued and outstanding shares of the Company's common stock.
The Reverse Split will not alter any stockholder's percentage ownership interest in RAADR, except to the extent that the Reverse Split requires the issuance of additional shares for rounding purposes.
The par value of the Company's common stock will remain unchanged at $0.001 per share following the reverse stock split.
Manhattan Transfer Registrar Co. (Manhattan) is acting as the exchange agent and transfer agent for the Reverse Split. Manhattan will provide instructions to stockholders with physical certificates regarding the optional process for exchanging their pre-Reverse Split stock certificates for post-Reverse Split stock certificates.
"We are happy to get this finally approved and moving forward in the right direction," said CEO Jacob DiMartino.
SOURCE RAADR, Inc.