MIAMI BEACH, FL / ACCESSWIRE / March 23, 2023 / Cuentas, Inc. (NASDAQ:CUEN)(NASDAQ:CUENW) ("Cuentas" or the "Company"), a leading fintech provider of mobile financial app and payment solutions, today announced that the company's Board of Directors has approved a reverse stock split of its shares of common stock at a ratio of 1 for 13 (the "Reverse Stock Split"). The Reverse Stock Split will become effective at 12:01 a.m. Eastern time on March 24, 2023 and the Company's common stock will open for trading on The Nasdaq Capital Market on a post-split basis on March 24, 2023 under the Company's existing trading symbol "CUEN". At such time, the Company's common stock will also commence trading under a new CUSIP number 229794300.
We expect that the Reverse Stock Split will increase the market price per share of the Company's common stock, bringing the Company into compliance with listing requirements for The Nasdaq Capital Market.
At the effective time of the Reverse Stock Split, every thirteen (13) shares of Cuentas common stock issued and outstanding will be combined into one (1) share of common stock issued and outstanding, with no change to the par value of $0.001 per share. This will reduce the Company's outstanding common stock from approximately 27.1 million shares to approximately 2.1 million shares. Fractional shares resulting from the Reverse Stock Split will be rounded up to the nearest whole share, and all currently issued shares of common stock held by a shareholder shall be aggregated for the purpose of determining whether the Reverse Stock Split would result in the issuance of a fractional share. The Reverse Stock Split will also result in an adjustment to the number of shares of common stock issuable upon exercise of the Company's outstanding equity awards and warrants and a corresponding adjustment to the exercise prices of such securities. The actual number of warrants issued and outstanding will not be adjusted as a result of the Reverse Stock Split (i.e., each one (1) warrant will be exercisable into one-thirteenth of a share of common stock following the Reverse Stock Split).
Stockholders of record holding physical certificates representing pre-split shares of the Company's common stock as of the effective date may contact the Company's transfer agent, Olde Monmouth Stock Transfer Co., Inc., if they would like to exchange their certificate for a new certificate representing the post-split share amount. While this is not required, your physical certificate will contain the old CUSIP number and will not be transferrable until it is exchanged for a new certificate. Registered stockholders holding pre-split shares of the Company's common stock electronically in book-entry form are not required to take any action to receive post-split shares. Stockholders owning shares via a broker, bank, trust or other nominee will have their positions automatically adjusted to reflect the Reverse Stock Split, subject to such broker's particular processes, and will not be required to take any action in connection with the Reverse Stock Split. Olde Monmouth Stock Transfer Co., Inc. can be reached by phone at (732) 872-2727.
Cuentas, Inc. (Nasdaq:CUEN & CUENW) is a fintech e-finance and e-commerce service provider with proprietary technology that delivers digital financial services to the underbanked and un-banked Hispanic, Latino and immigrant populations including mobile and financial services, prepaid debit card, ACH and mobile deposits, cash remittance, peer to peer money transferring, and other services. The Cuentas General Purpose Reloadable (GPR) Card includes a digital wallet, discounts for purchases at major physical and online retailers, rewards, and the ability to purchase digital content. For more information, visit https://cuentas.com.
This news release contains "forward-looking statements," as that term is defined in section 27a of the United States Securities Act of 1933, as amended, and section 21e of the United States Securities Exchange Act of 1934, as amended. Statements in this press release, which are not purely historical, are forward-looking statements and include any statements regarding beliefs, plans, expectations, or intentions regarding the future. Except for the historical information presented herein, matters discussed in this news release contain forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. Statements that are not historical facts, including statements that are preceded by, followed by, or that include such words as "believe," "plan," or "expect" or similar statements are forward-looking statements.
SOURCE: Cuentas, Inc.