SuperCom Board, Stockholders Approve 1-for-10 Reverse Stock Split - Quick Facts

(RTTNews) - SuperCom (SPCB) said its Board and stockholders has approved a 1-for-10 reverse stock split of its ordinary shares. The company noted that its reverse stock split will reduce the number of SuperCom's outstanding shares from 41,980,101 shares to approximately 4,198,010 shares.

The company's ordinary shares will begin trading on a split-adjusted basis at commencement of trading on November 23, 2022. The ordinary shares will continue to trade on the Nasdaq Capital Market under the symbol, SPCB.

"The perceived overhang of trading below certain Nasdaq trading price thresholds has been a hindrance in our ability to attract larger investors, and we are happy to move forward clear of this hurdle," said Ordan Trabelsi, President and CEO of SuperCom.