JERUSALEM, Israel, June 20, 2017 – Identa Corp. (OTC: IDTA), a worldwide leader in the development of proprietary on-site drug, precursor of drug and explosive detection kits, today announced that it is to effect a reverse share split of its shares at a ratio of 1-for-4,000, such that every four thousand outstanding ordinary shares par value US$ 0.0004 of the Company shall be converted into one ordinary share par value US$ 1.60.
The reverse share split will become effective as of today and the Company’s ordinary shares will commence trading on a split-adjusted basis when the market opens later today. The Company’s post-split ordinary shares will continue to trade on the OTC Pink Sheet. For a period of 20 business days, the stock symbol will be ‘IDTAD’, following which it will revert back to ‘IDTA’. The new CUSIP number for the ordinary shares following the reverse share split is 451671200.
Proportional adjustments will be made to the exercise prices of the Company’s outstanding warrants and share options, and to the number of shares issued and issuable under the Company’s equity compensation plans. No fractional shares will be issued as a result of the reverse split. Instead, all fractional shares will be rounded up to the next whole number of shares.
As a result of the reverse share split, the Company’s issued and outstanding ordinary shares will decrease to 4,024,959 ordinary shares, post-split. The reverse share split will not modify the rights or preferences of the ordinary shares.