Today, Cyren Ltd. (NASDAQ:CYRN), (the “Company”) a provider of email security and threat intelligence solutions announced that it intends to effect a one-for-twenty reverse split of its ordinary shares (the “Reverse Share Split”). The Reverse Share Split will be effective as of 5:00 p.m. Eastern Time on February 8, 2022 (the “Effective Date”), and the Company’s ordinary shares are expected to begin trading on a split-adjusted basis when the market opens on February 9, 2022.
At a Special Meeting of the Company’s shareholders held on February 7, 2022, the Company’s shareholders approved a Reverse Share Split (including the relevant amendments to the Articles of Association of the Company) within a range of 1:4 to 1:20, to be effective at the ratio and on a date to be determined by the Board of Directors, and amendments to the Company’s Articles of Association authorizing an increase in the Company’s authorized share capital (and corresponding authorized ordinary shares) by up to NIS 216 million. The Board of Directors approved the implementation of a one-for-twenty Reverse Share Split and an increase in the Company’s authorized share capital by NIS 216 million to NIS 240 million.
The Company’s ordinary shares will continue to trade on The Nasdaq Stock Market LLC (“Nasdaq”) under the symbol “CYRN.” The new CUSIP number for the Company’s ordinary shares following the Reverse Share Split will be M26895132.
Following the Reverse Share Split and increase in authorized share capital, the total number of ordinary shares that the Company is authorized to issue will be 80 million shares, the par value per share of the ordinary shares will be NIS 3.00 and the authorized share capital of the Company will be NIS 240 million.
No fractional shares will be issued in connection with the Reverse Share Split. In lieu of issuing fractional shares, the Company will round up fractional shares to the next whole share. Holders of the Company’s ordinary shares held in book-entry form or through a bank, broker or other nominee do not need to take any action in connection with the Reverse Share Split. Shareholders of record will be receiving information from the Company’s transfer agent regarding their ownership of ordinary shares post Reverse Share Split.
Additional information concerning the Reverse Share Split can be found in the Company’s definitive proxy statement dated January 5, 2022 filed with the Securities and Exchange Commission (the “SEC”), available free of charge at the SEC’s website, www.sec.gov, or at Cyren’t website www.cyren.com.