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LAS VEGAS, June 05, 2019 (GLOBE NEWSWIRE) -- Globe Photos, Inc. (OTCQB: GBPT), a leader in licensed sports photographic prints and iconic pop culture imagery, has implemented a 1-for-40 reverse split of its common stock effective prior to the opening of the market tomorrow, June 6, 2019.
The stock will begin trading on a post-split basis under the symbol “GBPTD” for 20 business days including the effective date, and the stock will then return to trading under the symbol “GBPT.” In the event of a Nasdaq listing prior to the end of the 20 business days, the “D” appended to the end of the symbol may be removed at an earlier date.
“We expect this reverse split to allow our stock price to meet the listing requirements for The Nasdaq Capital Market,” stated Globe Photos CEO and president, Stuart Scheinman. “We believe a Nasdaq listing will help broaden our shareholder base of retail and institutional investors, as well as provide our investors with greater liquidity and ultimately enhance shareholder value.”
“We are also working to build shareholder value by advancing the commercialization of our sports and pop culture image library through new personalization technologies that are designed to bridge the gap between online and traditional retail. The addition last fall of the Photo File assets have also created new distribution channel opportunities.”
As a result of the split, every 40 shares of issued and outstanding common stock will be exchanged for one share of common stock. No fractional shares will be issued as a result of the reverse stock split. A holder of record of common stock on the effective date of the reverse stock split who would otherwise be entitled to a fraction of a share will be rounded up to the next whole share. Each stockholder’s percentage ownership interest in Globe Photos and proportional voting power will remain unchanged, and the rights and privileges as the holders of the common stock will be unaffected.
The reverse stock split will not change the total number of shares of common stock or preferred stock authorized for issuance by the company. Additionally, the par value of the company’s common stock will remain at $0.0001 per share.
The stockholders of the company approved the reverse stock split on June 18, 2018, and the board of directors of the company subsequently approved the implementation of the reverse stock split at the ratio of 1-for-40.
Additional information regarding the reverse stock split is available in the definitive information statement filed by the Company with the U.S. Securities and Exchange Commission (SEC) on July 3, 2018. The definitive proxy statement is available at the Investors page of the company website at www.globephotos.com and the SEC website.
Before the listing of the common stock on The Nasdaq Capital Market can occur, Nasdaq will need to approve the company’s application for listing. There can be no assurance the application will be approved.
About Globe Photos
Globe Photos is the owner of one of the world’s largest collections of iconic pop culture imagery, which includes more than 15 million images taken by more than 3,500 photographers from around the world over the last century. The collection features iconic personalities and unforgettable moments from the worlds of entertainment, sports, history and politics. For more information, visit www.globephotos.com.
The company’s new Photo File division currently holds licenses with the NFL, NBA, MLB, NHL, and major colleges including Alabama, Clemson, Ohio State and many others, to produce sports prints, lithographs and other related items. Photo File also holds licenses for thousands of additional individuals and organizations, including Babe Ruth, Joe Namath, Vince Lombardi, and others. For more information about Photo File, visit www.photofile.com.
Important Cautions Regarding Forward Looking Statements
This press release contains forward-looking statements within the definition of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements should not be used to make an investment decision. The words 'estimate,' 'possible' and 'seeking' and similar expressions identify forward-looking statements, which speak only as to the date the statement was made. The company undertakes no obligation to publicly update or revise any forward-looking statements, whether because of new information, future events, or otherwise. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted, or quantified. Future events and actual results could differ materially from those set forth in, contemplated by, or underlying the forward-looking statements. The risks and uncertainties to which forward-looking statements are subject include, but are not limited to, our ability to successfully integrate the Photo File business into the company, competition and other material risks.
President & CEO
Globe Photos, Inc.
Tel (702) 722-6113
Media & Investor Relations Contact:
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