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Allin Corporation Announces Reverse Stock Split and Reduction in Authorized Common Stock
Jul 02, 2013 (12:07 PM EDT)
PITTSBURGH, July 2, 2013 /PRNewswire/ -- Allin Corporation ("Allin" or the "Company) (Pink Sheets: ALLN) announced today that it has filed a Certificate of Amendment ("Amendment") to its Amended and Restated Certificate of Incorporation, as amended, to implement a reverse stock split of its common stock with a ratio of one post-split share for every 1,000 shares issued and outstanding on that date (the "Reverse Stock Split") and, following the Reverse Stock Split, to reduce the authorized shares of its common stock from 22,500,000 to 400,000 (collectively, the "Recapitalization"). The Amendment was approved by written consent of the Company's Board of Directors on June 7, 2013 and by written consent of the holders of a majority of the outstanding common stock of the Company on June 12, 2013. A copy of the Amendment has been published through the OTC Disclosure and News Service as Supplemental Information and is incorporated herein by reference.
Trading of the Company's common stock on a split-adjusted basis is expected to begin at the open of trading on July 3, 2013. As a result of the Reverse Stock Split, every 1,000 shares of pre-split common stock will automatically be reclassified as and converted into one share of post-split common stock. The Reverse Stock Split will reduce the number of shares of the Company's issued and outstanding common stock from approximately 9,236,268 shares to approximately 9,311 shares, without any change in the par value of the shares. Any fractional shares resulting from the Reverse Stock Split will be rounded up to the nearest whole share. The Company's authorized and outstanding preferred stock is not affected by the Recapitalization.
The Company has received clearance from the Financial Industry Regulatory Authority ("FINRA") for the Reverse Stock Split. The Company's common stock will continue to be eligible for quotation on the OTC market (OTC Pink® Current Information) under the symbol "ALLN," with the fifth character "D" added to the end of the trading symbol, beginning on Wednesday, July 3, 2013, for a period of 20 trading days to indicate that the Reverse Stock Split has occurred. The Company's common stock will revert to trading under its original symbol "ALLN" after the 20 trading day period.
All records of the Company's transfer agent, Computershare, will be updated to reflect the Reverse Stock Split. Computershare will act as the exchange agent for the Reverse Stock Split and will distribute a letter of transmittal to stockholders of record with instructions for the surrender of old stock certificates. All post-split shares will be in uncertificated form unless certificates are requested by record holders. Stockholders who hold their shares in "street name" will be contacted by their banks or brokers with any instructions. Shares held as part of the DTC System will be automatically adjusted on the same basis. For further information, stockholders and securities brokers should contact Computershare on or after July 3, 2013 at the following telephone numbers: 1-800-546-5141 for callers within the USA and Canada or 1-781-575-2765 for callers outside the USA and Canada.
The Company will have a new CUSIP number (019924208) effective as of July 3, 2013. The Company is working with DTC to confirm DTC eligibility for the new CUSIP number.
About Allin Corporation
Allin Corporation is a leading provider of interactive application development, technology consulting and platform integration services. Allin Interactive, based in Fort Lauderdale, Florida, specializes in deploying turn-key integrated interactive television and interactive mobile applications to the hospitality marketplace, based on its innovative browser-based DigiManager™ content management solution. Allin leverages its experience and custom development capabilities to deliver the most functionality and flexibility of any ITV solution in the world. The Company maintains offices in Pittsburgh, Pennsylvania and Ft. Lauderdale, Florida. For additional information about Allin, visit the Company's Internet site on the World Wide Web at Allin.com.
SOURCE Allin Corporation