TEMPE, Ariz., Feb. 20, 2018 (GLOBE NEWSWIRE) -- VirTra, Inc. (OTCQX:VTSI), a global provider of training simulators for the law enforcement, military, educational and commercial markets, today announced that the Company’s Board of Directors has filed a request with FINRA to authorize a 1-for-2 reverse split of its common stock as part of the Company’s efforts to qualify for and complete an uplist to The NASDAQ Capital Market. In connection with the anticipated move to The NASDAQ Capital Market, we will register VirTra’s common shares with the Securities and Exchange Commission, and VirTra will thereafter be subject to all the reporting obligations of a public reporting company. With the successful implementation of the reverse stock split, and provided that the Company's common stock meets the NASDAQ minimum bid price requirement, the Company believes it will meet all requirements for listing VirTra’s common stock on The NASDAQ Capital Market and will thereafter move as quickly as possible to secure an uplisting. Despite these steps being taken by VirTra there can be no assurance that the Company's application for listing will be approved.
In the reverse stock split, every two shares of issued and outstanding common stock will be converted into one share of new common stock, with all fractional shares being rounded up to the nearest whole share. No fractional shares will be issued in connection with the reverse stock split. The reverse stock split will reduce the number of shares of issued and outstanding common stock from approximately 15.85 million pre-split shares to approximately 7.9 million post-split shares. Proportional adjustments will be made to VirTra's outstanding stock options. Upon completion of the 1-for-2 reverse split each stockholder's percentage ownership interest in VirTra, and the proportional voting power, will remain unchanged. In addition, the rights and privileges of the holders of VirTra common stock are unaffected by the reverse stock split. VirTra has requested that the reverse stock split become effective as of 5 p.m. ET on February 26, 2018, and accordingly the Company's common stock is expected to begin trading on a post-split basis under the symbol "VTSID" at the open of trading on Thursday, March 1, 2018. The Company's common stock will also be identified under a new CUSIP number (92827K 301). Before any listing of the common stock on The NASDAQ Capital Market could occur, NASDAQ will need to approve the Company's application for listing. There can be no assurance that the Company's application for listing will be approved.
“The Board of Directors firmly believes in the value that a listing on NASDAQ brings to the shareholders of VirTra, and we are confident that listing on a national securities exchange will be beneficial to our future,” commented Bob Ferris, Chairman and Chief Executive Officer of VirTra. “Having a track record of successfully completing high-tech simulator projects in increasingly larger numbers, we are now in a position to be considered as a potential supplier to larger municipalities, both within the United States and around the world. We believe that the transparency and marketability of attaining a national exchange listing will be an important factor for some customers. In addition, a national listing is also expected to improve liquidity for our shareholders and provide us the opportunity to reach an even larger audience of investors. In connection with the uplisting process, we expect to become an SEC registered company in the United States and for VirTra and its shareholders this will be another significant milestone to be achieved.”
VirTra is a global provider of training simulators for the law enforcement, military, educational and commercial markets. The Company’s patented technologies, software and scenarios provide intense training for de-escalation, judgmental use-of-force, marksmanship and related training that mimics real world situations. VirTra’s mission is to save and improve lives worldwide through realistic and highly-effective virtual reality and simulator technology. Learn more about the company at www.VirTra.com.
This news release includes certain information that may constitute forward-looking statements. Forward-looking statements are typically identified by terminology such as “could,” “may,” “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “proposed,” “planned,” “potential” and similar expressions, or are those, which, by their nature, refer to future events. All statements, other than statements of historical fact, included herein, including statements about VirTra’s beliefs and expectations, are forward-looking statements. Forward-looking information is necessarily based upon a number of assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information. Although VirTra believes that such statements are reasonable, it can give no assurance that such forward-looking information will prove to be accurate. VirTra cautions investors that any forward-looking statements by the Company are not guarantees of future results or performance, and that actual results may differ materially from those in forward-looking statements as a result of various factors. Accordingly, due to the risks, uncertainties and assumptions inherent in forward-looking information, readers and prospective investors in the Company’s securities should not place undue reliance on forward-looking information. All forward-looking information contained in this press release is given as of the date hereof, and is based upon the opinions and estimates of management and information available to management as at the date hereof and is subject to change. The Company assumes no obligation to revise or update forward-looking information to reflect new circumstances, whether as a result of new information, future events or otherwise, except as required by law.
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