Business
National CineMedia, Inc. Announces Reverse Stock Split
Effective Open of Business on August 4, 2023 Reverse Stock Split Fulfills Obligations Under Restructuring Support Agreement and NCMI 9019 Settlement
About this update from National Cinemedia, Inc.
[{"type":"text","content":"\nEffective Open of Business on August 4, 2023\n\n\nReverse Stock Split Fulfills Obligations Under Restructuring Support Agreement and NCMI 9019 Settlement\n\n\n CENTENNIAL, Colo.--(BUSINESS WIRE)--\nNational CineMedia, Inc. (Nasdaq: NCMI) (“the Company”), the managing member and owner of National CineMedia, LLC (“NCM LLC”), the operator of the largest cinema advertising platform in the U.S., today announced it has effectuated a 1-for-10 Reverse Stock Split of its Common Stock. The Company’s Common Stock will automatically begin trading on a split-adjusted basis at the opening of the market on August 4, 2023, under the existing trading symbol “NCMI.”\n\n\nAt the Special Meeting of Stockholders held on August 2, 2023, the Company’s stockholders approved a Reverse Stock Split at a ratio range between 1-for-10 and 1-for-100. Following the Special Meeting of Stockholders, on August 2, 2023, the Company’s Board of Directors voted to approve the Reverse Stock Split and established a 1-for-10 ratio. The Reverse Stock Split will impact all shares of Common Stock and reduce the number of public shares from 174,191,498 to approximately 17,419,150.\n\n\nThe Reverse Stock Split will enable the Company to fulfill its obligations under the Restructuring Support Agreement between the Company, NCM LLC and certain of NCM LLC’s secured lenders, and moves NCM LLC one step closer to achieving its Chapter 11 Plan of Reorganization. The Reverse Stock Split is also expected to allow the Company to regain compliance with the $1.00 minimum average closing price requirement of Nasdaq.\n\n\nThe Company did not issue fractional shares in connection with the Reverse Stock Split. Instead, any stockholders’ Common Stock who would have been entitled to receive fractional shares as a result of the Reverse Stock Split will have their shares rounded in accordance with the approved Reverse Stock Split. On August 2, 2023, the Company filed a Certificate of Amendment with the Securities and Exchange Commission (the \"SEC\") to effectuate the approved 1-for-10 Reverse Stock Split.\n\n\nInformation for National CineMedia, Inc. Stockholders\n\n\nAdditional information about the Reverse Stock Split can be found in the Company's Special Proxy Statement filed with the SEC on July 5, 2023, which is available free of charge at the SEC's website here, and on the Company's we...