NEW YORK, May 26, 2017 /PRNewswire/ --
DirectView Holdings, Inc. (OTC: DIRVD) ("DirectView" or the "Company"), a company focused on ownership and management of leading video and security technology companies, today announced that the Company completed a reverse split of its common stock at a ratio of 1:200, that went effective at the open of trading, May 22, 2017.
The Company is now trading under the ticker symbol DIRVD for 20 trading days following the effective date to designate that it is trading on a post-reverse split basis. DirectView's post-split common stock will trade under the new CUSIP Number 25457N401. As a result of the reverse stock split, each 200 pre-split shares of common stock outstanding are automatically combined into one new share of common stock without any action on the part of the respective holders holding shares in a brokerage account, and the number of outstanding common shares have been reduced from approximately 1.0 billion shares to approximately 4.9 million shares. The reverse stock split also applies to common stock issuable upon the conversion of outstanding notes payable and convertible preferred stock, and upon the exercise of outstanding warrants and stock options.
The Company's transfer agent, Standard Registrar and Transfer Company, Inc, will provide instructions to stockholders holding shares in certificate form regarding the process for exchanging shares. No fractional shares will be issued as a result of the reverse stock split, and stockholders who otherwise would be entitled to a fractional share will receive, in lieu thereof, a cash payment which will equal the product obtained by multiplying (a) the fraction to which the stockholder would otherwise be entitled; by (b) the per share closing sales price of the Company's common stock on the effective date of the reverse stock split.
"2017 has already been an exciting and transformative year for DirectView with our recent acquisition of Virtual Surveillance, LLC and ApexCCTV, LLC placing our Company on a revenue run rate in excess of $6 million," said Roger Ralston, CEO and Chairman of DirectView. "We believe the completion of this reverse split is another important step in the implementation of our roll-up strategy of security and surveillance-related companies that will be accretive to both revenue and profitability. We are already seeing increased business activity at our newly acquired subsidiaries as well as with other potential acquisition targets. We look forward to continuing to execute on our strategic plan in order to build long-term value for the benefit of our stockholders."
The companies other recent news may be found at https://directview.com/press-releases/
About DirectView Holdings, Inc.
DirectView Holdings, Inc., (DIRV) together with its subsidiaries, provides video surveillance solutions and teleconferencing products and services to businesses and organizations. The company operates in two divisions, Security (Video Surveillance) and Video Conferencing. The Security division offers technologies in surveillance systems providing onsite and remote video and audio surveillance, digital video recording, and services. It also sells and installs surveillance systems; and sells maintenance agreements. The company sells its products and services in the United States and internationally through direct sales force, referrals, and its Websites. The Video Conferencing division offers teleconferencing products and services that enable clients to conduct remote meetings by linking participants in geographically dispersed locations. It is involved in the sale of conferencing services based upon usage, the sale and installation of video equipment, and the sale of maintenance agreements. This division primarily provides conferencing products and services to numerous organizations ranging from law firms, banks, high tech companies and government organizations. For more information visit our website at http://www.DirectView.com and connect with us on Twitter, LinkedIn, Facebook, and Google+.
Cautionary Statement Regarding Forward Looking Statements
Forward Looking Statements: This press release contains forward-looking statements that involve a number of risks and uncertainties, including statements regarding the outlook of the Company's business and results of operations. By nature, these risks and uncertainties could cause actual results to differ materially from those indicated. Generally speaking, any statements using terms such as "will," "expect," "anticipate," or "may," or which otherwise predict or address future results or events, are likely to contain forward-looking statements. It is important to note that actual results may differ materially from what is indicated in any forward-looking statement. Readers should consider any forward-looking statements in light of factors that could cause actual results to vary. These factors are described in our filings with the SEC, and readers should refer to those filings, including Risk Factors described in those filings, in connection with any forward-looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The Company is unable to make any assurances that it will receive financing, or if financing is available, that such financing will be on terms acceptable to the Company.
SOURCE DirectView Holdings, Inc.