NEWARK, CA -- 10/24/08 --
Socket Mobile, Inc. (NASDAQ: SCKT), an
innovative provider of mobile productivity products, today announced that
its Board of Directors, pursuant to previously obtained stockholder
approval, approved a reverse stock split of its common stock at a ratio of
one for ten. The reverse stock split was effective at 5:00 pm Eastern time
on October 23, 2008.
The Company's common stock will open today post-effective a reverse stock
split of one share post-split for each ten shares held pre-split.
Beneficial holders of the stock will see the revised share totals and
revised stock price reflected on their electronic accounts. Registered
holders will be advised by the Company's transfer agent to exchange their
outstanding pre-split stock certificates for new ones. Fractional shares
will be paid by the Company at the average closing bid price for the five
days prior to the effective date of the split or $0.41 per fractional
pre-split share. The Company's common stock will trade under the temporary
trading symbol SCKTD through November 20, 2008 to advise investors of the
reverse stock split.
The primary purposes of the reverse stock split are to bring the Company
back into compliance with the minimum bid price listing requirement of the
Nasdaq Capital Market, and to bring the stock price into higher trading
ranges to facilitate trading. The Company's stock must trade for ten
consecutive days with a closing bid price above $1.00 in order to return to
full compliance with the listing standards of the Nasdaq Capital Market.
The reverse stock split was authorized by Socket Mobile's stockholders at
its annual meeting last April.
About Socket Mobile
Socket Mobile makes mobility computing and productivity work. The company
is a one-stop supplier of mobile computing hardware systems, offering a
handheld mobile computer specifically designed for business mobility use
and an extensive portfolio of essential mobile data collection and
networking peripherals that enable mobile automation and productivity
increases. The company also offers OEM solutions. Socket Mobile is
headquartered in Newark, Calif. and can be reached at 510-933-3000 or
www.socketmobile.com.
Socket is a registered trademark of Socket Mobile, Inc.
© 2008, Socket Mobile, Inc. All rights reserved.
