Remote Monitoring and Control Solutions Provider Acorn Announces 1-for-16 Reverse Stock Split Intended to Make its Shares Accessible to a Broader Range of Investors - Seite 2

Reverse Stock Split Details
Acorn expects its common stock to begin trading on a reverse-split-adjusted basis, under the temporary symbol “ACFND,” effective with the opening of the OTCQB market on Friday, September 8, 2023. The fifth character “D” will remain appended to the Company’s symbol for 20 trading days, at which point it will revert back to “ACFN.” The new CUSIP number for the Common Stock following the reverse stock split will be 004848206.

No fractional shares will be issued in connection with the reverse stock split. Each stockholder that would have been entitled to receive a fractional share of Common Stock as a result of the reverse stock split will instead receive a cash payment in lieu of such fractional share.

The reverse stock split will reduce Acorn’s issued and outstanding Common Stock from 39.76 million shares to approximately 2.48 million shares. The reverse split will affect neither the par value of the Common Stock nor the number of authorized shares.

The Company's transfer agent, Equiniti Trust Company, LLC will act as exchange agent and paying agent for the reverse stock split. Equiniti will provide stockholders of record holding certificates representing pre-split shares of the Company's Common Stock as of the effective date a letter of transmittal providing instructions for the exchange of shares. Stockholders owning shares via a broker, bank, trust or other nominee, as well as registered stockholders holding shares electronically in book-entry form, are not required to take any action to receive post-split shares.

About Acorn (www.acornenergy.com) and OmniMetrix (www.omnimetrix.net)
Acorn Energy, Inc. owns a 99% equity stake in OmniMetrix, a pioneer and leader in Internet of Things (IoT) wireless remote monitoring and control solutions for stand-by power generators, gas pipelines, air compressors and other industrial equipment, serving tens of thousands of customers including more than 25 Fortune/Global 500 companies. OmniMetrix’s proven, cost-effective solutions make critical systems more reliable and also enable automated “demand response” electric grid support by enrolled back-up generators. OmniMetrix solutions monitor critical equipment used by cell towers, manufacturing plants, medical facilities, data centers, retail stores, public transportation systems, energy distribution and federal, state and municipal government facilities, in addition to residential back-up generators.