SANTA MONICA, Calif.,
May 16, 2014 /PRNewswire/ -- BOLDFACE
Group, Inc. (QTCQB: BLBK; the "Company"), a celebrity beauty
licensing company focused on top tier entertainment and designer
brands for opportunities in the beauty, bath and fragrance markets,
announced today a 1:100 reverse stock split.
Earlier this year, OTC Markets announced changes to its
marketplace. It introduced new standards to increase the
transparency of OTCQB companies, including a minimum one penny
($0.01) bid price requirement. In
response to this condition, the board of directors determined that
it was in the best interest of shareholders to execute the reverse
split and remain listed on the OTCQB.
The reverse stock split will be effective with FINRA (the
Financial Industry Regulatory Authority) and in the marketplace at
the open of business today, May 16,
2014, whereupon the shares of common stock will begin
trading on a split-adjusted basis. The Company's trading symbol on
May 16, 2014 will change to "BLBKD".
Please note that the "D" will be removed 20 business days from that
date and the symbol will revert to the original symbol of "BLBK."
In connection with the reverse stock split, the Company's CUSIP
number will change to 9751V202.
As a result of the reverse stock split, the Company's issued and
outstanding shares of common stock will decrease to approximately
1.6 million post-split shares (prior to effecting the rounding of
fractional shares into whole shares as described below) from
approximately 160 million pre-split shares.
As a result of the reverse stock split, the total number of
shares of common stock held by each stockholder will be converted
automatically into the number of whole shares of common stock equal
to (i) the number of shares of common stock held by such
stockholder immediately prior to the reverse stock split, divided
by (ii) 100.
No fractional shares will be issued, and no cash or other
consideration will be paid. Instead, the Company will issue one
whole share of the post-split common stock to any stockholder who
otherwise would have received a fractional share as a result of the
reverse stock split.
All options, warrants and convertible securities of the Company
outstanding immediately prior to the reverse stock split will be
appropriately adjusted by dividing the number of shares of common
stock into which the options, warrants, and convertible securities
are exercisable or convertible by 100 and multiplying the exercise
or conversion price thereof by 100, as a result of the reverse
stock split.
Boldface Group, Inc.
BOLDFACE is a Santa Monica,
California based celebrity beauty licensing company founded
by beauty industry veterans Nicole
Ostoya and Robin
Coe-Hutshing. BOLDFACE sells the cosmetics and beauty
products under the Kardashian Beauty™ brand, and will sell
fragrance and men's grooming products by Mario Lopez and beauty and personal care
products by UGLYDOLL™. Please visit www.boldfacegroup.com for
further information.
Forward-Looking Statements
Any statements contained in this press release that do not
describe historical facts may constitute forward-looking statements
as that term is defined in the Private Securities Litigation Reform
Act of 1995. Any forward-looking statements contained herein are
based on current expectations, but are subject to a number of risks
and uncertainties. The factors that could cause actual future
results to differ materially from current expectations include, but
are not limited to, risks and uncertainties relating to the
availability of additional funding; and the Company's business,
product development, marketing and distribution plans and
strategies. These and other factors are identified and described in
more detail in the Company's filings with the U.S. Securities and
Exchange Commission, including the Company's Current Reports on
Form 8-K and the Company's Annual Report on Form 10-K for the year
ended June 30, 2013. The Company does
not undertake to update these forward-looking statements.
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SOURCE BOLDFACE Group, Inc.