LOS ANGELES, April 23, 2014 /PRNewswire/ -- Research Solutions, Inc. (OTCQB: RSSS) announced it has filed an application for listing its common shares on The NASDAQ Capital Market. The Company's proposed listing on The NASDAQ Capital Market is subject to review by NASDAQ and dependent upon the Company meeting all relevant quantitative and qualitative listing criteria of NASDAQ. No assurance can be given that the Company's application will be approved.
In order to meet the NASDAQ Capital Market's required minimum closing price of $3.00 per share in connection with the initial listing application, our board of directors has approved an amendment to our Articles of Incorporation, as amended, to effect a reverse stock split which combines the outstanding shares of our common stock into a lesser number of outstanding shares. If approved by the stockholders as proposed, our board of directors would have the sole discretion to effect the amendment and reverse stock split at any time prior to December 31, 2014, and to fix the specific ratio for the combination, provided that the ratio would be not less than 1-for-2 and not more than 1-for-8, with special treatment for certain of our stockholders to preserve round lot holders. Our board of directors would also have discretion to abandon the amendment prior to its effectiveness.
Our board of directors' primary reason for approving and recommending the reverse stock split is to increase the per share price of our common stock to meet the listing requirements of the NASDAQ Capital Market. Our board of directors believes that attaining and maintaining the listing of our common stock on NASDAQ is in the best interests of our company and its stockholders.
About Research Solutions®
Research Solutions, Inc. is a pioneer in facilitating the flow of information from the publishers of scientific, technical, and medical content to enterprise customers in life science and other research intensive organizations around the world. We develop products, services and systems to facilitate the re-use of published content in a manner that helps organizations achieve their research, marketing, and communication goals effectively and in compliance with copyright law and regulatory rules. Our subsidiary companies include Reprints Desk, Inc., and Techniques Appliquees aux Arts Graphiques, S.p.A. (TAAG). For more information, please visit www.researchsolutions.com.
Certain matters discussed in this press release may be forward-looking statements. Such matters involve risks and uncertainties that may cause actual results to differ materially, including the following: changes in economic conditions; general competitive factors; acceptance of the Company's products in the market; the Company's success in obtaining new customers; the Company's success in technology and product development; the Company's ability to execute its business model and strategic plans; the Company's success in integrating acquired entities and assets, and all the risks and related information described from time to time in the Company's filings with the Securities and Exchange Commission ("SEC"), including the financial statements and related information contained in the Company's Annual Report on Form 10-K and interim Quarterly Reports on Form 10-Q. Examples of forward-looking statements in this release include statements related the Company's ability to complete the uplisting of the Company's common stock to The NASDAQ Capital Market
, and the Company's ability to meet the quantitative and qualitative listing criteria of NASDAQ. The Company assumes no obligation to update the cautionary information in this release.
SOURCE Research Solutions, Inc.