Aspen Group Announces 1-for-12 Reverse Stock Split
NEW YORK, Jan. 09, 2017 (GLOBE NEWSWIRE) -- Aspen Group, Inc. (OTCQB:ASPU) (“Aspen”), a nationally accredited online post-secondary education company (Aspen University), today announced a 1-for-12 reverse split of its common shares. The reverse split will be effective on the opening of trading on January 10, 2017. The Company’s common stock will trade on a post-split basis under the ticker symbol “ASPUD” for 20 business days and then revert back to “ASPU” thereafter.
When the reverse stock split becomes effective, every 12 shares of issued and outstanding ASPU common stock will be combined into one issued and outstanding share of common stock with no changes to the par value of the shares. The reverse split will reduce the number of ASPU’s outstanding common stock from approximately 138.2 million shares to approximately 11.5 million shares. All fractional shares will be rounded up to the nearest whole share. In addition, the Company's outstanding options and warrants will be consolidated in the same ratio as the common stock and the exercise price amended in inverse proportion to that ratio.
“The reverse stock split will help us satisfy certain requirements, as part of our future plan to seek a listing on the NASDAQ Capital Market," said Aspen Group CEO Michael Mathews. "It will also raise awareness and visibility of our stock with a broader range of institutional investors, without fundamentally changing stockholder value or the company’s market capitalization.”
About Aspen Group, Inc.:
Aspen Group, Inc. is an online postsecondary education company. Aspen University’s mission is to offer any motivated college-worthy student the opportunity to receive a high quality, responsibly priced distance-learning education for the purpose of achieving sustainable economic and social benefits for themselves and their families. Aspen is dedicated to providing the highest quality education experiences taught by top-tier faculty - 57% of our faculty hold doctoral degrees. To learn more about Aspen, visit www.aspen.edu.
Company Contact: Aspen Group, Inc. Michael Mathews, CEO 914-906-9159
Released January 9, 2017