ATLANTA, GA / ACCESSWIRE / April 20, 2020 / uBid Holdings, Inc. (OTCQB:UBID) (the "Company" or "uBid"), a diversified e-commerce holding company, today announced a 1:150 reverse stock split that had been approved by majority shareholder action and effected as of Friday, April 17, 2020. The Company's symbol (UBID) was appended with a "D" for 20 business days after which it will return to "UBID".
The Board and Executive management team strongly believe this share restructuring is in the best interest of all shareholders and the time is right, given the recent combination and integration with Restaurant.com.
Mr. Ketan Thakker, uBid's Chief Executive Officer, commented, "It has been a lengthy process to get to this point and has required a tremendous amount of teamwork. Working together with the Company's shareholders, note holders, legal counsel and regulatory agencies, management strongly believes we have accomplished a significant step in preparing for the future of uBid Holdings and the growth of Restaurant.com and the identification of additional synergistic acquisitions."
About uBid Holdings, Inc.
uBid Holdings, Inc. (OTCQB:UBID) is a diversified e-commerce holding company whose strategic plan is to acquire interests in additive emerging digital assets and businesses. We provide advice and guidance to assist our new partners in realizing their potential. It continues to identify and evaluate potential acquisitions that its Management believes it will create shareholder value and a return on investment. For more information, visit: ubidholdings.com, www.ubid.com, www.skyauction.com and www.restaurant.com
Forward-Looking Statements
Press Releases may include forward-looking statements. In particular, the words "believe," "may," "could," "should," "expect," "anticipate," "estimate," "project," "propose," "plan," "intend," and similar conditional words and expressions are intended to identify forward-looking statements. Any statements made in this news release about an action, event or development, are forward-looking statements. Such statements are based upon assumptions that in the future may prove not to have been accurate and are subject to significant risks and uncertainties. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the company. Accordingly, you should not place undue reliance on these forward-looking statements. Although the company believes that the expectations reflected in the forward-looking statements are reasonable, it can give no assurance that its forward-looking statements will prove to be correct. Investors are cautioned that any forward-looking statements are not guarantees of future performance and actual results or developments may differ materially from those projected. The forward-looking statements in this press release are made as of the date hereof. The company takes no obligation to update or correct its own forward-looking statements, except as required by law or those prepared by third parties that are not paid by the company. Statements in this press release that are not historical fact may be deemed forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Although uBid Holdings, Inc. believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, uBid Holdings, Inc. is unable to give any assurance that its expectations will be attained. Factors that could cause actual results to differ materially from expectations include the company's ability identify a suitable business model for the corporation.
Media and Investors Contacts:
IR@ubid.com
SOURCE: uBid Holdings, Inc.
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