NEW YORK, NY / ACCESSWIRE / January 9, 2017 / Snap Interactive, Inc. ("SNAP," or the "Company") (OTCQB: STVI; STVID) (CUSIP: 83303W208) today announced that it has completed its previously announced 1-for-35 reverse stock split. The reverse stock split became effective at the close of regular trading hours on January 5, 2017 and SNAP's stock began trading on a post-reverse stock split basis at the opening of regular trading hours on January 6, 2017. The stock split was effected by the Company as part of a broader and more proactive capital markets strategy, with the ultimate goal of uplisting to a national securities exchange.
Following the reverse stock split, SNAP's common stock will continue to trade on the OTCQB market but its trading symbol (STVI) will have an added designation of "D" for a 20 business day period following the reverse stock split (STVID). After such 20 business day period, the symbol for SNAP's common stock will revert to "STVI". SNAP's common stock also possesses a new CUSIP number (83303W208) following the reverse stock split.
As a result of the reverse stock split, every 35 shares of SNAP's common stock were combined and reclassified into a single share of common stock and the number of shares of common stock that SNAP is authorized to issue was proportionally reduced from 500 million to approximately 14.3 million.
No fractional shares were issued in connection with the reverse stock split. Instead, each fractional share to be issued to a SNAP stockholder was rounded up to the nearest whole share.
The company recently completed its merger with A.V.M. Software, Inc. (d/b/a Paltalk) ("Paltalk"). Management believes the combination of SNAP and Paltalk presents many opportunities to serve the unified database of more than 250 million users and to broaden the combined company's reach even further. The company is excited to integrate the two businesses as well as focus on growth initiatives for both existing products and new opportunities.
SNAP's transfer agent, Corporate Stock Transfer, Inc. ("CST"), is serving as exchange agent in connection with the reverse stock split. CST will send to the registered holders of SNAP's common stock a letter of transmittal containing instructions on how to exchange stock certificates representing pre-reverse stock split shares of SNAP's common stock for certificates that have been adjusted to reflect the reverse stock split. Stockholders owning shares through a broker or other nominee will have their positions automatically adjusted to reflect the reverse stock split, subject to brokers' particular processes, and will not be required to take any action in connection with the reverse stock split.
About Snap Interactive, Inc.
Snap Interactive, Inc. is a leading provider of real-time, rich media, interactive social networking and dating applications with more than 250 million users around the world. The SNAP product portfolio includes Paltalk and Camfrog, which together host one of the world's largest collections of video-based communities, and FirstMet, a prominent interactive dating brand serving users 35 and older. The Company has a long history of technology innovation and holds 25 patents related to video conferencing and online gaming.
For more information, please visit http://www.snap-interactive.com.
The content of our website is not part of this press release, and you should not consider the contents of this website in making an investment decision with respect to our common stock.
Facebook is a registered trademark of Facebook Inc. Apple, iTunes and iPhone are registered trademarks of Apple Inc. and App Store is a registered service mark of Apple Inc. Android and Google Play are registered trademarks of Google Inc. Paltalk, Camfrog, FirstMet and The Grade are trademarks of Snap Interactive, Inc.
This press release contains "forward-looking statements." Such statements may be preceded by the words "intends," "may," "will," "plans," "expects," "anticipates," "projects," "predicts," "estimates," "aims," "believes," "hopes," "potential" or similar words. Forward-looking statements are not guarantees of future performance, are based on certain assumptions and are subject to various known and unknown risks and uncertainties, many of which are beyond the Company's control, and cannot be predicted or quantified and consequently, actual results may differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, without limitation, risks and uncertainties associated with general economic, industry and market sector conditions; the ability to effectively integrate the operations of the Company and Paltalk; the Company's ability to institute corporate governance standards or achieve compliance with national securities exchange listing requirements; the Company's future growth and the ability to obtain additional financing to implement the Company's growth strategy; the ability to increase or recognize revenue, decrease expenses and increase the number of active subscribers, new subscription transactions or monthly active users; the ability to enter into new advertising agreements; the ability to diversify new user acquisition channels or improve the conversion of users to paid subscribers; the ability to anticipate and respond to changing user and industry trends and preferences; the intense competition in the online dating marketplace; the ability to release new applications or derive revenue from new applications; and circumstances that could disrupt the functioning of the Company's applications. More detailed information about the Company and the risk factors that may affect the realization of forward-looking statements is set forth in the Company's filings with the Securities and Exchange Commission ("SEC"), including the Company's most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Investors and security holders are urged to read these documents free of charge on the SEC's web site at http://www.sec.gov.
All forward-looking statements speak only as of the date on which they are made. The Company undertakes no obligation to update any forward-looking statement or statements to reflect events or circumstances after the date on which such statement was made, except to the extent required by applicable securities laws.
SOURCE: Snap Interactive, Inc.