Recruiter.com Group, Inc., the expert network platform for recruiters, has announced that the Company has effected a reverse stock split of its issued and outstanding common stock at a ratio of 1-for-80. The Company’s common stock will begin trading on a split-adjusted basis as of Thursday, August 22, 2019, under the CUSIP number 75630B204. The Company’s symbol on the OTCQB will change to ‘RCRTD’ for a period of 20 business days, after which the ‘D’ will be removed from the Company’s trading symbol, which will revert to the original symbol of ‘RCRT’.
The purpose of the reverse stock split is to improve the Company's capital structure and trading price of its common stock, in order to attract a broader investor base and allow it to meet the initial listing requirements of a national securities exchange.
Miles Jennings, the CEO of Recruiter.com, commented, “We are focused on building scalable recruiting solutions by automating the distribution of jobs to thousands of independent recruiters using the Recruiter.com platform. As we progress toward our goal of being a top-of-mind solution for recruiting professional employees, we are committed to unlocking value and liquidity for our stockholders through an effective capital markets strategy.”
The reverse stock split was previously approved by Recruiter.com’s Board of Directors and the stockholders holding a majority of the Company’s voting power. On August 1, 2019, the Company's Board of Directors, acting within the discretion granted to it by the stockholders, approved the ratio of 1-for-80 as the ratio for the reverse stock split.
Upon the effectiveness of the reverse stock split, each 80 shares of the Company's issued and outstanding common stock will be automatically combined and converted into one issued and outstanding share of common stock, par value $0.0001 per share. Proportional adjustments also will be made to the shares issuable in connection with the Company’s outstanding convertible preferred stock, stock options and warrants. As a result of the reverse stock split, there will be approximately 2,304,972 shares of common stock outstanding.
The reverse stock split will affect all stockholders uniformly and will not alter any stockholder's percentage interest in the Company's equity, except to the extent that the reverse stock split would result in a stockholder owning a fractional share. Any fractional shares resulting from the reverse stock split will be rounded up to the next whole number of shares.
Once the reverse stock split becomes effective, stockholders holding shares through a brokerage account will have their shares automatically adjusted to reflect the 1-for-80 reverse stock split. It is not necessary for the stockholders holding shares of the Company’s common stock in certificated form to exchange their existing stock certificates for new stock certificates of the Company in connection with the reverse stock split, although stockholders may do so if they wish. Stockholders should direct any questions concerning the reverse stock split to their broker or the Company’s transfer agent, Equity Stock Transfer, at https://equitystock.com/contact.
Join us November 12-15 for the Property Portal Watch Conference Madrid 2019.