TUCSON, Ariz.- AudioEye, Inc. (OTCQB: AEYE) (“AudioEye” or the “Company”) the leader in cloud-based software-as-a-service (SaaS) digital content accessibility solutions, today announced that, the Company filed a Preliminary 14C with the Securities and Exchange Commission (“SEC”) disclosing that the Board of Directors and a majority of the Company’s outstanding voting power approved a 1-for-25 reverse stock split of the Company’s issued and outstanding common stock (the “Reverse Split”).
The primary purpose of the Reverse Split is to enable the Company to qualify its common stock for listing on the NASDAQ Capital Market (“NASDAQ”). Following the mandatory 10-day waiting period for the Preliminary 14C and barring any comments from the SEC, the Company anticipates it will file a Definitive 14C on or about July 9, 2018. Following the mandatory 20-day waiting period, the Definitive 14C will become effective on or about July 30, 2018. Shortly thereafter and upon approval by the Financial Industry Regulatory Authority, the Reverse Split will be effected. A new CUSIP number will be assigned to the Company’s common stock as a result of the Reverse Split.
AudioEye Executive Chairman, Dr. Carr Bettis, highlights the positive momentum driving the company, “Year-over-year growth has been exponential. AudioEye continues to dominate the industry as the demand for viable solutions expands across market segments,” Dr. Bettis explained. “As the only end-to-end technology-based solution that is sustainable, global iconic brands continue to engage AudioEye. Our penetration into key market segments through partnerships with industry-specific platforms continues to expand. The move to NASDAQ will enhance AudioEye’s visibility and attract a broader shareholder base, which we believe will contribute to creating value for our shareholders.”
The Company is working diligently to promptly file an application to have its common stock approved for trading on NASDAQ. Before any listing of the common stock on NASDAQ could occur, NASDAQ will need to approve the Company’s application for listing after the Reverse Split is completed. There can be no assurance that NASDAQ will approve the Company’s application.
Any statements in this press release about AudioEye’s expectations, beliefs, plans, objectives, prospects, financial condition, assumptions or future events or performance are not historical facts and are “forward-looking statements” as that term is defined under the federal securities laws. These statements are often, but not always, made through the use of words or phrases such as “believe”, “anticipate”, “should”, “intend”, “plan”, “will”, “expects”, “estimates”, “projects”, “positioned”, “strategy”, “outlook” and similar words. You should read the statements that contain these types of words carefully. Such forward-looking statements are subject to a number of risks, uncertainties and other factors that could cause actual results to differ materially from what is expressed or implied in such forward-looking statements, including the effectiveness of the reverse stock split, including FINRA’s and NASDAQ’s approval thereof, the Company’s plans to list its common stock on NASDAQ and the impact the reverse stock split or any such listing may have on the Company’s business, prospects and/or stock price. There may be events in the future that AudioEye is not able to predict accurately or over which AudioEye has no control. Other risks are described more fully in AudioEye’s filings with the Securities and Exchange Commission. Forward-looking statements reflect management’s analysis as of the date of this press release and AudioEye urges you not to place undue reliance on these forward-looking statements. AudioEye does not undertake any obligation to release publicly any revisions to such forward-looking statements to reflect events or uncertainties after the date hereof or to reflect the occurrence of unanticipated events.