Comscore said it plans to move forward with a reverse stock split that will turn 20 current shares of Comscore common into one higher-priced share.
Approved by Comscore’s board of directors in December, the move is designed to put the measurement company in compliance with Nasdaq rules that listed shares be worth at least $1 each.
Comscore stock closed Friday at 75 cents a share, down from a 52-week high of $1.48.
Investment company 180 Degree Capital Corp., which owns a 7% stake in Comscore, has been planning a proxy fight to get two new directors of Comscore’s board, citing the decline in Comscore’s stock price.
After the reverse stock split, the number of outstanding shares of common stock will be reduced from approximately 95.1 million to approximately 4.8 million, subject to adjustment for fractional shares, Comscore said.
"While we are disappointed that market conditions led to this reverse split, we are encouraged by our recent performance as we continue to pursue clear financial, operational and strategic opportunities to deliver growth and value for our shareholders and clients,” said Comscore CEO Jon Carpenter. “We expect to meet the 2023 financial guidance we published in November and see strong growth potential for 2024 and beyond.”
Adjustments will be made to the number of shares of common stock issuable upon conversion or exercise of the company's preferred stock, equity awards and warrants, as well as the applicable conversion or exercise price.
