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HOLLYWOOD, Calif., Feb. 04, 2019 (GLOBE NEWSWIRE) -- nFusz, Inc. (OTCQB: FUSZ), a leader in business-focused interactive video, and the pioneer of Augmented Sales Intelligence software, today announced that the Company effectuated a name change and a reverse stock split of its issued and outstanding common stock at a split ratio of 1-for-15 after the close of business on Friday, February 1, 2019, as part of its planned uplisting to NASDAQ. The new name for the Company is Verb Technology Company, Inc. The Company’s common stock will begin trading on a split-adjusted basis today under new CUSIP number 92337U104. The Company’s symbol on the OTCQB will change to “FUSZD” for a period of 20 business days, after which the “D” will be removed and the trading symbol will revert to “FUSZ.” The Company has reserved the symbol VERB for its planned listing on NASDAQ.
The Company’s Board of Directors was granted the authority to implement a reverse stock split by the holders of a majority of nFusz’s outstanding shares of common stock on September 30, 2018. The Company’s Board of Directors approved the implementation of the reverse stock split on January 31, 2019, and determined the appropriate reverse stock split ratio to be 1-for-15. This stock consolidation is consistent with the Company’s previously announced intention to meet the Nasdaq Stock Market’s requirements to up-list the Company’s common stock.
As part of the stock consolidation, every 15 shares of the Company’s existing issued and outstanding common stock will be automatically combined and converted into one new share of common stock. Proportional adjustments will also be made in connection with the Company’s outstanding stock options and warrants. After the stock consolidation, there will be approximately 12.2 million shares of common stock outstanding.
The stock consolidation will affect all stockholders uniformly and will not alter any stockholder’s percentage interest in the Company’s equity. Any stockholder owning a fractional share solely as a result of the stock consolidation will have their share count rounded up to the next whole number of shares. “Round lot rounding” will also occur, such that no stockholder who had been a holder of a round lot will lose that status solely by virtue of the consolidation.
Stockholders holding shares through a brokerage account will have their shares automatically adjusted to reflect the 1-for-15 reverse stock split. It is not necessary for stockholders holding shares of the Company’s common stock in certificated form to exchange their existing stock certificates for new stock certificates of the Company in connection with the reverse stock split, although stockholders may do so if they wish. Stockholders should direct any questions concerning the reverse stock split to their broker or the Company’s transfer agent, V Stock Transfer, LLC, at firstname.lastname@example.org. Stockholders holding warrants should direct any questions to the Company’s administration, at info@nFusz.com.
nFusz, Inc. (OTCQB: FUSZ) is a recognized leader in business-focused interactive video and the pioneer of Augmented Sales Intelligence software. The Company’s flagship product, notifiCRM, is the first interactive video-based customer relationship management (CRM) platform that allows anyone to create, distribute, post, track, and measure interactive videos that increase engagement and conversion rates by up to 600 percent. Video viewers can respond to one or more calls to action by clicking within a video while it’s playing – and no download is required. nFusz products are cloud-based, Software-as-a-Service (SaaS), available by subscription for individual and enterprise users, and accessible on all mobile and desktop devices. The Company’s newest products, also based on its interactive video technology platform, include notifiMED, for the healthcare industry, notifiEDU, for the education industry, and notifiNGO, for non-profit organizations.
For more information, please visit: www.nFusz.com
Please address media inquiries to: info@nFusz.com
855.250.2300, extension 7
Please address investor inquiries to: investors@nFusz.com
855.250.2300, extension 2
Forward-Looking and Cautionary Statements
This press release may contain “forward-looking” information within the meaning of the Private Securities Litigation Reform Act of 1995. In accordance with the safe harbor provisions of this Act, statements contained herein that look forward in time that include everything other than historical information, involve risks and uncertainties that may affect the Company’s actual results. There can be no assurance that such statements will prove to be accurate and there are a number of important factors that could cause actual results to differ materially from those expressed in any forward-looking statements made by the Company, including, but not limited to, plans and objectives of management for future operations or products, the market acceptance or future success of our products, and our future financial performance. The Company cautions that these forward-looking statements are further qualified by other factors including, but not limited to, those set forth in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2017, and other filings with the U. S. Securities and Exchange Commission (available at www.sec.gov). The Company undertakes no obligation to publicly update or revise any statements in this release, whether as a result of new information, future events, or otherwise.