Authorization

WidePoint to Effectuate Reverse Stock Split

FAIRFAX, Va., Oct. 23, 2020 (GLOBE NEWSWIRE) -- WidePoint CorporationA (NYSE American:A WYY), the leading provider of Trusted Mobility Management (TM2) specializing in Telecommunications Lifecycle Management, Identity Management and Digital Billing & Analytics solutions, today announced that a 1-for-10 reverse stock split of the Companya??s common stock will become effective on Friday, November 6, 2020 at 5:00 p.m. Eastern time. Trading of the Companya??s common stock on a post-split basis will begin on Monday, November 9, 2020.
On August 24, 2020, the stockholders of the Company approved the reverse stock split at a special meeting of stockholders. Subsequent to the meetinga??s end, the board of directors of the Company approved the implementation of the reverse stock split at the ratio of 1-for-10.a??We are confident that completing a reverse stock split and thereby increasing the per share trading price of our common stock will better position WidePoint for long-term success,a?? said Jin Kang, President and Chief Executive Officer. a??While many companies effectuate a reverse split out of necessity, we are doing so from a position of strength. WidePoint is in the midst of one of its most financially and operationally successful years, and we are taking proactive measures to expand upon that momentum. We believe that increasing the price per share will make the Companya??s stock more attractive to investors and analysts, which we believe will benefit current and prospective shareholders over the long-run.a??Trading of the Companya??s common stock on the NYSE American Market will continue under the symbol a??WYY.a?? The new CUSIP number for the Companya??s common stock following the reverse stock split will be 967590 209. No fractional shares will be issued as a result of the reverse stock split. Any holders of the Companya??s common stock who would otherwise be entitled to a fractional share will have such share rounded up to the next whole share.The Companya??s transfer agent, American Stock Transfer & Trust Company, will act as exchange agent for the reverse stock split.
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