NEW YORK, Oct. 24, 2016 /PRNewswire/ -- root9B Technologies, Inc. (OTCQB: RTNB) announced the results of its 2016 Special Meeting of Stockholders, held earlier today in New York City.
At the Special Meeting, stockholders approved two proposals that amend the Company's certificate of incorporation to: i) effect a reverse stock split at a ratio within the range of 1:9 to 1:18, with the exact ratio and timing of any such reverse split to be determined by the Company's Board of Directors; and ii) decrease the Company's authorized shares of common stock from 125,000,000 to 30,000,000 post the reverse stock split.
"The approval of these two proposals positions us to pursue a listing on the Nasdaq Capital Market, and provides the necessary flexibility to manage our capital structure in order to attract additional investors and support our growth," said Joseph J. Grano, Jr., Chairman and Chief Executive Officer of root9B Technologies.
"We are continuing to progress towards the transition of RTNB to a pure-play cybersecurity company with a sole focus on the operations of our wholly-owned subsidiary root9B," Mr. Grano continued. "In that regard, we continue to evaluate the sale of our non-cybersecurity assets, primarily IPSA International and any remaining components of our energy practice. Should such a sale occur, the monetization of these assets will enhance our liquidity and allow us to focus on accelerating the growth of root9B's unique products and services.
"With respect to root9B, as recently announced our ongoing business development activities have yielded more than $12 million in contracts to be serviced over the next few years with commercial and government entities," he added. "We have a growing contract pipeline and see a substantial commercial market developing for the active adversary pursuit (HUNT) cybersecurity solution created by Eric Hipkins and his team, which is comprised primarily of former government and military cyber operations experts."
Ranked as the #1 Cybersecurity company for three consecutive quarters by Cybersecurity Ventures (Jan 2016), root9B proactively responds to the unwanted human presence within our clients' networks by attacking the root of the problem—the adversary's ability to gain entry and remain undetected. root9B's application of advanced technology developed through cutting-edge R&D and engineering and refined through relevant, hands-on training is revolutionary. root9B combines cutting-edge technology, tactics development, specialty tools, and deep mission experience. root9B personnel leverage their extensive backgrounds in the U.S. Intelligence Community to conduct advanced vulnerability analysis, penetration testing, digital forensics, incident response, Industrial Control System (ICS) security, and active adversary pursuit (HUNT) engagements on networks worldwide. For more information, visit www.root9B.com.
About root9B Technologies, Inc.
root9B Technologies (OTCQB: RTNB) is a leading provider of Cybersecurity and Regulatory Risk Mitigation Services. Through its wholly owned subsidiaries root9B and IPSA International, root9B Technologies delivers results that improve productivity, mitigate risk and maximize profits. Its clients range in size from Fortune 100 companies to mid-sized and owner-managed businesses across a broad range of industries including local, state and government agencies. For more information, visit www.root9btechnologies.com
Forward Looking Statements
Certain information contained in this press release may include certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding future financial performance, future growth and future acquisitions. These statements are based on root9B Technologies' current expectations or beliefs and are subject to uncertainty and changes in circumstances. Actual results may vary materially from those expressed or implied by the statements herein due to changes in economic, business, competitive and/or regulatory factors, and other risks and uncertainties affecting the operation of root9B Technologies business. These risks, uncertainties and contingencies are indicated from time to time in root9B Technologies filings with the Securities and Exchange Commission. The information set forth herein should be read in light of such risks. Further, investors should keep in mind that root9B Technologies financial results in any particular period may not be indicative of future results. root9B Technologies is under no obligation to, and expressly disclaims any obligation to, update or alter its forward-looking statements, whether as a result of new information, future events, changes in assumptions or otherwise.
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SOURCE root9B Technologies, Inc.