RA'ANANA, Israel and
RIVER EDGE, New Jersey,
Sept. 5, 2017 /PRNewswire/
-- Mer Telemanagement Solutions Ltd. (MTS)
(NasdaqCM: MTSL), a global provider of telecommunications
expense management (TEM), enterprise mobility management (EMM)
solutions and video advertising solutions for online and mobile
platforms, today announced that it will effect a 1-for-3 reverse
stock split of its outstanding ordinary shares, which will be
effective for trading purposes as of the commencement of trading on
September 6, 2017. The reverse stock
split is intended to increase the per share trading price of the
Company's ordinary shares to satisfy the $1.00 minimum bid price requirement for continued
listing on The NASDAQ Capital Market (NASDAQ). Trading of the
Company's ordinary shares will continue, on a post-split basis,
with the opening of the markets on September
6, 2017, under the existing trading symbol "MTSL" and under
a new CINS number, M69676 20 9.
![MTS Logo MTS Logo](http://mma.prnewswire.com/media/462544/MTS_Logo.jpg)
Upon completion of the reverse split, one ordinary share,
NIS 0.03 nominal value per share will
be exchanged for three ordinary shares, NIS
0.01 nominal value. No fractional shares will be issued as a
result of the reverse split. The reverse split, which was
approved by shareholders, will reduce the number of outstanding
ordinary shares from 9,356,566 ordinary shares to approximately
3,118,855 ordinary shares. American Stock Transfer &
Trust Company, whose address is 6201 15th Avenue, Brooklyn, N.Y. 11219 (tel: (718) 921- 8317 or
(877) 248-6417), is acting as exchange agent for the reverse split
and will send instructions to shareholders of record regarding the
exchange of certificates for ordinary shares. Shareholders owning
shares through a broker or other nominee will have their positions
automatically adjusted to reflect the reverse split and will not be
required to take any action in connection with the reverse
split.
About MTS
Mer Telemanagement Solutions Ltd. (MTS) provides digital
advertising solutions for online and mobile platforms and call
accounting and TEM solutions and services.
MTS's Vexigo (www.vexigo.com) subsidiary provides digital
advertising solutions for online and mobile platforms, and
leverages them to offer advertising optimization services to
advertisers and website owners.
MTS's telecommunications business provides innovative products
and services to enterprises for their call accounting and for
management of their telecom expenses (TEM).
Headquartered in Israel, MTS
markets its solutions through wholly-owned subsidiaries in
Israel, the U.S and Hong Kong, as well as through distribution
channels. For more information please visit the MTS web site:
www.mtsint.com.
Certain matters discussed in this news release are
forward-looking statements that involve a number of risks and
uncertainties including, but not limited to, risks in product
development plans and schedules, rapid technological change,
changes and delays in product approval and introduction, customer
acceptance of new products, the impact of competitive products and
pricing, market acceptance, the lengthy sales cycle, proprietary
rights of the Company and its competitors, risk of operations in
Israel, government regulations,
dependence on third parties to manufacture products, general
economic conditions and other risk factors detailed in the
Company's filings with the United States Securities and Exchange
Commission.
Contact:
Alon
Mualem
CFO and Interim
CEO
Tel:
+972-9-7777-540
Email: alon.mualem@mtsint.com
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SOURCE Mer Telemanagement Solutions Ltd.