LOS ANGELES, Sept. 20, 2016 /PRNewswire/ -- Social Reality, Inc. (OTCQB: SCRI), an Internet advertising and platform technology company that provides tools to automate the digital advertising market, announced today that it has effected a reverse stock split of its outstanding Class A common stock at a one for five (1:5) ratio. The reverse stock split was approved by Social Reality's Board of Directors and stockholders. The reverse stock split was effective on September 20, 2016 and the Company's Class A common stock began trading on a post-split basis under the symbol "SCRID" at the open of trading on Tuesday, September 20, 2016.
The reverse stock split is being implemented to facilitate the uplisting of the Company's Class A common stock to The NASDAQ Capital Market ("NASDAQ"). Social Reality has applied for listing its Class A common stock on The NASDAQ Capital Market which has a minimum market (bid) price requirement for new applicants of $4.00 per share. There are no assurances, however, that The NASDAQ Stock Market will approve Social Reality's application for listing its Class A common stock even after the reverse stock split is effective.
Social Reality's Chief Executive Officer Christopher Miglino stated, "This stock split will potentially allow us to uplist to and trade on the NASDAQ. If we are able to uplist to NASDAQ, it will signify a major milestone in Social Reality's history. We expect that having our stock listed on an exchange will bring many benefits including increased exposure to new investors while raising our brand and identity."
Social Reality's Class A common stock will be quoted on the OTCQB on a post-split basis under the symbol "SCRID" for 20 business days, after which time the symbol will revert back to SCRI. On the effective date of the reverse stock split the CUSIP number of the Company's common stock changed to 83362P300. Additional information regarding the reverse stock split is contained in the Company's Current Report on Form 8-K as filed with the SEC on September 19, 2016.
About Social Reality
Social Reality, Inc. is an Internet advertising company that provides tools to automate the digital advertising market. The company has built technologies and leveraged partner technologies that service social media and the Real Time Bidding (RTB) markets. For more information, please visit www.socialreality.com.
This press release may contain forward-looking statements. [PENNY STOCKS ARE NOT ABLE TO RELY ON PSLRA] These forward-looking statements involve inherent risks and uncertainties that could cause actual results to differ materially from those projected or anticipated, including, but not limited to, our ability to secure a listing of our Class A common stock on NASDAQ. All information provided in this press release is as of the date of this release. Except as required by law, Social Reality, Inc. undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.
SOURCE Social Reality, Inc.