NEW YORK, May 02, 2017 (GLOBE NEWSWIRE) -- VNUE, Inc. (OTC: VNUE), a music technology company developing groundbreaking solutions for live music performance rights management, as well as an innovative live music content mobile app, announced today that its Board of Directors has approved a 1-for-10 reverse stock split of the Company's issued and outstanding common stock. The reverse stock split has taken effect in the State of Nevada as of 4/17/2017, and will take effect in the market after FINRA provides its final approval.
"We have elected a reverse stock split to prepare VNUE to meet the listing requirements of a better exchange," stated Zach Bair, CEO of VNUE. "We believe that, along with our continued execution of our business plan, a listing on such a platform can provide benefit to our stockholders by improving liquidity and increasing the appeal of our stock to institutional investors. With VNUE now generating revenue for the upcoming Scott Stapp (of CREED) tour, we felt the time was appropriate."
Each stockholder's percentage ownership interest in VNUE and the proportional voting power will remain unchanged after the reverse stock split. In addition, the rights and privileges of the holders of VNUE common stock are unaffected by the reverse stock split. This reverse stock split will become effective after final approval of FINRA, and the Company's common stock will begin trading on a post-split basis under the same symbol "VNUED" at that time.
In the reverse stock split, every 10 shares of issued and outstanding common stock were converted into one share of 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 650 million pre-split shares to approximately 65 million post-split shares. Proportional adjustments will be made to VNUE’s outstanding warrants, convertible notes and stock options.
The Company's ticker symbol will remain unchanged, although a "D" will be placed at the end of the VNUE ticker symbol (VNUED) for 20 business days following FINRA’s approval of the stock split. The Company's common stock will also be identified under a new CUSIP number at that time. Before any listing of the common stock on a new exchange, that exchange 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.
Additional information regarding the reverse stock split will be contained in the Company's Current Report on Form 8-K which will be filed with the SEC upon final approval by FINRA.
About VNUE, Inc.
VNUE, Inc., (OTC: VNUE) is a VNUE is a music technology company dedicated to further monetizing the live music experience for artists, labels, writers, publishers, and literally all stakeholders, by creating new and exciting products; by leveraging automation technology and second-to-none experience in the instant live space; and by identifying issues such as lack of transparency with performance rights organizations and solving this through innovation and our patent-pending solutions. The VNUE team is the most experienced in our space, a group of technology entrepreneurs, artists and songwriters who are passionate about the future of the industry, and ensuring that the value of the rights holders are not lost in the context of new and ever-changing technology. Our team has produced live content and created experiential products for such artists and companies as Peter Frampton, Bad Company, Devo, Blondie, Wind Up Records, EMI, Capitol Records, and many more.
By (a) selling only live content through our platforms, to include not just major and independent label content, but creating and scaling our own “instant” live exclusive content, (b) processing and paying mechanical royalties on instant live content, and (c), ensuring proper accounting and payment to rights holders of material played in venues, VNUE has a perfect trifecta of solutions that will revolutionize the live music business.
For more information about VNUE, please visit www.vnue.com.
Forward-Looking Statements
Certain statements and information in this press release are forward-looking statements and may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. All statements, other than statements of fact, included in this press release, including, without limitation, statements regarding potential future plans and objectives of the company, are forward-looking statements based on our current plans and expectations and are subject to risks, uncertainties, and assumptions. Accordingly, these forward-looking statements should be evaluated with consideration given to the many risks and uncertainties that could cause actual results and events to differ materially from those in the forward-looking statements including those risks set forth in our periodic filings with the Securities and Exchange Commission. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. New risks emerge from time to time. It is not possible for management to predict all such risk factors or to assess the impact of such risks on our business which could prevent the prompt implementation of any strategically significant plan(s) outlined above. Accordingly, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, after the date of this release.