RMG Networks Holding Corp. completed the 1-for-4 reverse split of its outstanding common stock following market close on Aug. 14.
RMG common stock started trading on a split-adjusted basis at market open on Aug. 15, the company said. RMG's common stock will continue to trade on the Nasdaq Capital Market under the symbol RMGN.
As a result of the reverse stock split, every four pre-split shares of common stock outstanding have become one share of common stock. The reverse stock split reduced the number of shares of the company's outstanding common stock to about 11.2 million shares from about 44.6 million shares. The reverse split also applies to common stock issuable upon the exercise of RMG's outstanding warrants and stock options.
RMG's transfer agent Continental Stock Transfer & Trust Co. is also acting as the exchange agent for the reverse split.