BUZZ TO DO A REVERSE SPLIT!
Buzz Technologies, Inc. (OTCMKTS:BZTG) to Reorganize
BZTG’s Board of Directors announced today that it preparing a listing application to a new venue. The Company’s ability to become listed on a new venue is subject to, among other items, maintaining a minimum market price for its common stock for a sufficient period of time as determined by a new venue.
In an effort to meet the new venue’s minimum market price requirement and gain exposure to a much broader audience of institutional and retail investors, BZTG’s Board of Directors unanimously approved a restructuring of the stock and a change in the Board of Directors and the management of the company.
A number of factors were considered by BZTG’s Board prior to making this decision, including the expectation that this reverse stock split will facilitate the listing of BZTG’s common stock for trading on a new venue.
The Board believes that listing on a new venue will improve the liquidity of BZTG’s stock and increase the chances that its trading price will more accurately reflect the underlying value that the Board believes to exist. In addition, the Board believes that listing on a new venue will enhance the Company’s business development opportunities and improve its access to capital at favorable terms.
In considering the impact of the reverse stock split upon the possible trading range of BZTG’s common stock, the Board took into account among other factors, the experience of three other companies that underwent a reverse stock split since the beginning of 2013 in order to qualify for listing on a new venue
