BEVERLY HILLS, CA--(Marketwired - November 07, 2016) - Genius Brands International, Inc. (GNUS) a global brand management company that creates and licenses multimedia content for children, announced today that it will effect a reverse stock split of its outstanding common stock at a one for three (1:3) ratio. The reverse stock split becomes effective on November 7, 2016 and the Company's common stock will begin trading on a post-split basis under the symbol "GNUSD" at the open of trading on Tuesday, November 8, 2016.
The reverse stock split is being implemented to facilitate the uplisting of the Company's common stock to The NASDAQ Capital Market ("NASDAQ"). Genius Brands International has applied for listing its common stock on NASDAQ, which has a minimum market (bid) price requirement for new applicants of $4.00 per share. Genius Brands International Chief Executive Officer Andy Heyward stated, "This stock split represents an important step in the process of uplisting to and trading on NASDAQ. We expect that having our stock listed there will bring many benefits to the Company and its investors, including broadening the appeal of our shares to institutional investors, increasing exposure of our shares and brand identity. We are now entering a period of extraordinary growth for several of our children's brands imminently coming to retail, as well as our channel, the 'Kid Genius Cartoon Channel', and we look forward to increasing exposure of our Company to institutional investors."
Genius Brands International common stock will be quoted on the OTCQB on a post-split basis under the symbol "GNUSD" for the earlier of 20 business days, or upon a successful listing on NASDAQ which can be as early as after 5 days of trading at or above $4 per share. At such time the symbol will revert back to GNUS. On the effective date of the reverse stock split, the CUSIP number of the Company's common stock will be changed to 37229T 301. Additional information regarding the reverse stock split is contained in the Company's Current Report on Form 8-K as filed with the SEC on November 7, 2016. There are no assurances that The NASDAQ Stock Market will approve the Company's application for listing its common stock even after the reverse stock split is effective.
About Genius Brands International
Headquartered in Beverly Hills, California, Genius Brands International, Inc. (
Forward-Looking Statements: Certain statements in this press release constitute "forward-looking statements" within the meaning of the federal securities laws. Words such as "may," "might," "will," "should," "believe," "expect," "anticipate," "estimate," "continue," "predict," "forecast," "project," "plan," "intend" or similar expressions, or statements regarding intent, belief, or current expectations, are forward-looking statements. While the Company believes these forward-looking statements are reasonable, undue reliance should not be placed on any such forward-looking statements, which are based on information available to us on the date of this release. These forward-looking statements are based upon current estimates and assumptions and are subject to various risks and uncertainties, including without limitation those set forth in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2015, under the heading "Risk Factors," and other filings with the Securities and Exchange Commission (the "SEC"), not limited to risk factors relating to its patent business contained therein. Thus, actual results could be materially different. The Company expressly disclaims any obligation to update or alter statements whether as a result of new information, future events or otherwise, except as required by law.