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Ambient Corporation Approves Reverse Stock Split; Board of Directors May Implement at its Discretion
Action Expected to Aid Efforts to List on NASDAQ
Boston, Mass., February 17, 2011 - Ambient Corporation (OTCBB: ABTG), a leader in smart grid communications infrastructure, filed a preliminary Information Statement on Schedule 14C with the Securities and Exchange Commissions on February 16, by Ambient's Board of Directors and its majority stockholder of a reverse stock split of Ambient's common stock, within a specified range (of 1 share for 30 shares to 1 share for 100 shares), at any time on or before December 31, 2011, which the Board of Directors may implement (if at all) in its discretion.
A reverse stock split would be implemented (if at all) primarily in order to increase Ambient's prospects of successfully listing its common stock with the Nasdaq Capital Market.
"We believe that, given our current size and balance sheet position, our stock would meet all of the quantitative listing requirements for the Nasdaq Capital Market, other than those relating to the minimum bid price for listed shares," said John J. Joyce, President and CEO of Ambient Corporation. "In all likelihood, a reverse stock split in the appropriate ratio would help us reach and maintain that minimum bid price. We believe listing Ambient on the Nasdaq Capital Market would make Ambient a very attractive option for institutional investors."
Additional information relating to the foregoing is included in the preliminary Information Statement filed with the SEC.
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