San Diego, CA – April 6, 2018 – Turtle Beach Corporation (NASDAQ: HEAR), a leading gaming headset and audio accessory company, is announcing that its board of directors have approved a 1-for-4 reverse split of its common stock, effective as of the close of business today.
As a result of the reverse stock split, every four shares of the Company’s common stock will be converted into one share of common stock, reducing the number of issued and outstanding shares from approximately 49.4 million to approximately 12.4 million. No fractional shares of common stock will be issued in connection with the reverse stock split, and any fractional shares created as a result of the reverse stock split will be rounded up to one additional whole share. The number of Turtle Beach’s authorized shares and the number of shares issuable upon vesting or the exercise of equity awards such as stock options and other derivative securities, along with the corresponding exercise prices thereof, will each be proportionally adjusted.
Turtle Beach expects its common stock to commence trading on a split-adjusted basis as of the open of trading on Monday, April 9, 2018. Turtle Beach’s trading symbol will remain “HEAR.”
“Today’s reverse stock split will enable Turtle Beach to regain compliance with NASDAQ’s continued listing standards regarding bid price and allow us to remain focused on furthering our position as the leader in console gaming headsets,” Juergen Stark, CEO, Turtle Beach. “We believe we remain well positioned to do so with the broadest portfolio of products and an improved balance sheet, underpinned by a very robust North American and European console gaming market.”
The Company’s common stock will trade under a new CUSIP number (900450 206) following the effectiveness of the reverse stock split.
About Turtle Beach Corporation
Turtle Beach (www.turtlebeach.com) has been revolutionizing console multiplayer gaming since the very beginning with its wide selection of industry-leading, award-winning gaming headsets. Whether you’re a professional eSports athlete, hardcore gamer, casual player, or just starting out, Turtle Beach has the gaming headset to help you truly master your skills. Innovative and advanced technology, amazing audio quality, clear communication, lightweight and comfortable designs, and ease-of-use are just a few features that have made Turtle Beach a fan-favorite brand for gamers the world over. Made for Xbox and PlayStation® consoles as well as for PC, Mac®, and mobile/tablet devices, having a Turtle Beach gaming headset in your arsenal gives you the competitive advantage. The Company’s shares are traded on the NASDAQ Exchange under the symbol: HEAR.
Cautionary Note on Forward-Looking Statements
This press release includes forward-looking information and statements within the meaning of the federal securities laws. Except for historical information contained in this release, statements in this release may constitute forward-looking statements regarding assumptions, projections, expectations, targets, intentions, or beliefs about future events. Statements containing the words “may”, “could”, “would”, “should”, “believe”, “expect”, “anticipate”, “plan”, “estimate”, “target”, “project”, “intend” and similar expressions constitute forward-looking statements. Forward-looking statements involve known and unknown risks and uncertainties, which could cause actual results to differ materially from those contained in any forward-looking statement. Forward-looking statements are based on management’s current belief, as well as assumptions made by, and information currently available to, management.
While the Company believes that its expectations are based upon reasonable assumptions, there can be no assurances that its goals and strategy will be realized. Numerous factors, including risks and uncertainties, may affect actual results and may cause results to differ materially from those expressed in forward-looking statements made by the Company or on its behalf. Some of these factors include, but are not limited to, risks related to the impact of the reverse stock split on the trading price and volume of the Company’s common stock, the Company’s liquidity, the substantial uncertainties inherent in the acceptance of existing and future products, the difficulty of commercializing and protecting new technology, the impact of competitive products and pricing, general business and economic conditions, risks associated with the expansion of our business including the implementation of any businesses we acquire, our indebtedness, the Company’s continued listing on the Nasdaq, and other factors discussed in our public filings, including the risk factors included in the Company’s most recent Annual Report on Form 10-K, Quarterly Report on Form 10-Q, and the Company’s other periodic reports. Except as required by applicable law, including the securities laws of the United States and the rules and regulations of the Securities and Exchange Commission, the Company is under no obligation to publicly update or revise any forward-looking statement after the date of this release whether as a result of new information, future developments, or otherwise.
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For Investor Information, Contact:
Cody Slach
Investor Relations
Liolios
949.574.3860
For Media Information, Contact:
MacLean
Marshall
Sr.
Director – Brand & PR/Communications
Turtle
Beach Corp.
858.914.5093
maclean.marshall@turtlebeach.com