NEW YORK, Nov. 14, 2017 (GLOBE NEWSWIRE) -- SoOum Corp. (OTCPINK:SOUMD) (OTCPINK:SOUM) (“SoOum” or “the Company”) today announces the execution of a 1:500 reverse stock split previously stated in schedule PRER 14C filed with the U.S. SEC earlier in the year. The Company's temporary ticker symbol will be SOUMD; indicating that it is trading on a post-reverse split basis, for 20 days following November 13, 2017. The stock will now trade under CUSIP number: 83577M209. The number of outstanding shares reduced from pre-split 3,678,203,760 to post-split of approximately 7,356,408.
The reverse stock split affects ALL shares of the Company's common stock, including any common stock issued on convertible preferred stock or exercised stock options or warrants outstanding. Stockholders are not required to take any action. The Company’s transfer agent, Corporate Stock Transfer, will provide instructions to stockholders holding shares in certificate form regarding the process for exchanging shares. The contact info for the agent can be found in the company's Investor Relations portal www.sooum.com/stock-information.
Regarding the change in capital structure, SoOum Corp. CEO, William Westbrook, said, “Over the past six months, the SoOum management team has been gathering a team of experts that can assist with executing the mission on which SoOum was founded: 'Addressing Shortages and Minimizing Scarcity.' To be able to achieve this mission, the reorganization of SOUM’s share structure was necessary to provide a better foundation to be able to create a profitable company that helps achieve our mission and creates a positive experience for both Shareholders and Investors.
SoOum Corp. is a Physical Commodities Arbitrage Trading company offering a web-based International Trade platform SoOum.com, which allows paid subscribers to be a part of a unique community of Importers, Exporters, Procurement agents and International Traders - trading and marketing Commodities and products across the globe, in real time.
About SoOum Corp.
SoOum Corp. is a publicly held (OTCPINK:SOUMD) Physical Commodities International Trading firm. Specializing in arbitrage based transactions of Physical Commodities, as well as offering a web-based International Trading Platform - http://www.sooum.com
For more information regarding this press release, please contact SoOum Corp Investor relations - investors@sooum.com and 646-801-3772.
Cautionary Note Regarding Forward-Looking Statements in this press release regarding the Company’s business which are not historical facts are “forward-looking statements” that involve some risks and uncertainties. The Company cautions that various factors, including the factors described in the caption forward-looking statements in the Company’s annual report on Form 10-K, could cause actual results to differ materially from the statements contained herein. These factors include the following: business conditions and volatility in the commodities market, and the general economy; competitive factors including compressed gross profit margins; shifts in market demand; product availability; reliance on key customers; fluctuations in foreign currency exchange rates; income tax legislation; and the risk factors listed from time to time in the Company’s reports filed with the Securities and Exchange Commission. The Company undertakes no obligation to update any forward-looking statement.
Contact:
Steve Messina
646-801-3772
investors@sooum.com