BOSTON, Feb. 09, 2018 (GLOBE NEWSWIRE) -- Worlds Inc. (OTCQB:WDDD) has implemented a 5 to 1 reverse stock split of the Company’s common shares, effective February 9, 2018, to facilitate the recently announced warrant exercise of its investor group. The Company's common stock will begin trading on a split-adjusted basis as of the opening of trading on February 9, 2018. The new CUSIP number for the common stock following the reverse stock split will be 98159J200.
CEO Thom Kidrin stated, “As the number of our authorized outstanding shares was not sufficient to cover the warrant exercise, the company was required to implement a reverse stock split of our common shares to facilitate the issuance of the warrant conversion shares to our warrant holders. Following prior approval by our shareholders of a range for the stock split, we determined that a 5 to 1 reverse split was a reasonable ratio in order to fulfill our legal obligation to our investors and to allow the Company to receive the warrant exercise funds.”
Kidrin added, “The company is now financially well positioned through the warrant exercise and sale of a portion of our equity shares in MariMed Inc. to pursue potential infringers of our patents and capable of sustaining a prolonged litigation strategy.”
As of February 8, 2018, the Company had 246,773,331 common shares issued and outstanding. Effecting the reverse stock split will reduce the number of issued and outstanding common shares to approximately 49,354,704 shares (as may be adjusted due to rounding). No fractional shares will be issued in connection with the reverse split of the issued common stock. Shareholders with shares held in certificate form will receive instructions from the Company's transfer agent for exchanging their stock certificates for a new certificate representing the shares of common stock resulting from the reverse split. Shareholders with shares held in book-entry form or through a bank, broker, or other nominee are not required to take any action and will see the impact of the reverse stock split reflected in their accounts on or after February 8, 2018.
About Worlds Inc.:
Worlds Inc. is an intellectual property developer and licensee of patents related to 3D online virtual worlds. The Company has a portfolio of 10 US patents for multi-server technology for 3D applications. The earliest of these patents issued on an application filed November 12, 1996. A provisional patent application, serial number 60/020,296, was filed on November 13, 1995. These patents are related to each other and disclose and claim systems and methods for enabling users to interact in a virtual space. Visit www.Worlds.com.
Forward Looking Statements
This release contains certain forward-looking statements and information relating to Worlds Inc. that are based on the beliefs of Worlds' management, as well as assumptions made by and information currently available to the Company. Such statements reflect the current views of the Company with respect to future events including estimates and projections about its business based on certain assumptions of its management, including those described in this Release. These statements are not guarantees of future performance and involve risk and uncertainties that are difficult to predict. Additional risk factors are included in the Company’s public filings with the SEC. Should one or more of these underlying assumptions prove incorrect, actual results may vary materially from those described herein as “hoped,” “anticipated,” “believed,” “estimated,” “should,” “preparing,” “expected” or words of a similar nature. The Company does not intend to update these forward-looking statements.
CONTACTS:
Media Relations:
Julie Shepherd, Accentuate PR, 847-275-3643, Julie@accentuatepr.com