Business
Kopin Corporation Announces Plan for Reverse Stock Split
Special Meeting of Stockholders to approve Reverse Stock Split scheduled for March 2, 2020 Preliminary Proxy Statement filed with the U.S. Securities and
About this update from Kopin Corporation
[{"type":"text","content":"\n\nSpecial Meeting of Stockholders to approve Reverse Stock Split scheduled for March 2, 2020\n\n\nPreliminary Proxy Statement filed with the U.S. Securities and Exchange Commission\n\n\n WESTBOROUGH, Mass.--(BUSINESS WIRE)--\nKopin Corporation (NASDAQ:KOPN), a leading developer of innovative wearable computing technologies and solutions, today 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, 2020, 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.\n\n\nThe 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, 2020, 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.\n\n\nKopin Corporation filed a preliminary proxy statement with the U.S. Securities and Exchange Commission as required by the SEC rules. The proposal requires the affirmative vote of a majority of the Company’s outstanding shares entitled to vote. Stockholders may obtain a free copy of the preliminary proxy statement and other documents that the Company files with the SEC at the SEC’s website at www.sec.gov. The Company will file with the SEC and distribute to its stockholders a definitive proxy statement regarding the special mee...