AmbiCom Announces Reverse Stock Split
Pursued One-for-Eight Reverse Split to Reduce Trading Volatility
MILPITAS, Calif., July 25, 2011 /PRNewswire/ -- AmbiCom Holdings, Inc. (OTCQB: ABHI), a leader in the development of wireless products for medical equipment suppliers, today announced that it has approved a one-for-eight (1-for-8) reverse split of its common shares.
When approved by FINRA, AmbiCom's common shares will continue trading on the OTCQB market under the symbol ABHID for 20 trading days of trading, after which the ticker symbol will revert to ABHI.
As a result of the reverse stock split, the number of shares of common stock outstanding will be reduced to approximately 6,572,182 shares from 52,577,449 shares.
"We made the decision to affect a reverse stock split in order to reduce volatility in our trading and to make our shares more attractive externally to institutional investors and other long-term focused holders," commented John Hwang, CEO and Chairman of AmbiCom. "We believe the wireless and healthcare markets we focus on remain robust and intact and that our products and support will continue to remain in high demand with our end customers. We are confident that we will continue to grow our business and do so profitably."
About AmbiCom
AmbiCom is headquartered in Milpitas, California, and is a leading designer and developer of wireless products focusing on the wireless medical industry. The Company's wireless modules and devices are based on the Company's innovative application software for both Wi-Fi and Bluetooth technologies. AmbiCom is committed to wireless design and development of software and hardware, and to bringing new and innovative products to the wireless medical markets and other sectors. The Company plans to grow organically, and to augment that growth by selectively acquiring complementary products and technologies via acquisition opportunities deemed to be of strategic value.
Forward-Looking Statements
This press release contains 'forward-looking statements' within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934. Although the forward- looking statements in this release reflect the good faith judgment of management, forward-looking statements are inherently subject to known and unknown risks and uncertainties that may cause actual results to be materially different from those discussed in these forward-looking statements including, but not limited to, our ability to maintain our website and associated computer systems, our ability generate sufficient market acceptance for our shipping products and services, our inability to generate sufficient operating cash flow, and general economic conditions. Readers are urged to carefully review and consider the various disclosures made by us in the our reports filed with the Securities and Exchange Commission, including those risks set forth in the Company's Current Report on Form 8-K filed on November 13, 2007, which attempt to advise interested parties of the risks and factors that may affect our business, financial condition, results of operation and cash flows. If one or more of these risks or uncertainties materialize, or if the underlying assumptions prove incorrect, our actual results may vary materially from those expected or projected. Readers are urged not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. We assume no obligation to update any forward- looking statements in order to reflect any event or circumstance that may arise after the date of this release.
Contact:
Dave Fore, Client Manager and Senior Research Analyst, Hayden IR: (206) 395-2711 or [email protected]
SOURCE AmbiCom
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