Voxware, Inc. (Lawrenceville, N.J.), a supplier of voice-based technology, announced a one-for-one hundred fifty reverse stock split effective December 12. Following the reverse split, the number of shares of common stock outstanding will decrease to approximately 6,257,700. Concurrently, Voxware's trading symbol on the OTC Bulletin Board was changed from "VOXW" to "VXWR".
"This reverse stock split represents the achievement of the next milestone in Voxware's overall plan to reposition the Company for increasing shareholder value," said Tom Drury, Voxware's CEO. "In August of this year, the Company completed financing designed to convert all preferred shares to common shares, resulting in a single class of common stock outstanding. As a result, all shareholders are now able to share equally in the progress of our business. Adding to that step, today's reverse stock split paves the way for our Company to apply for listing on NASDAQ's Capital Market. We believe the Company's financial positioning and continued expansion in the marketplace warrant greater visibility in the financial markets to a wider range of institutional, as well individual, investors."