The Board of root9B Technologies (RTNB) has approved a series of actions that will shift the organization to a “pure play” cybersecurity company and will seek shareholder approval for a reverse stock split.
Joe Grano, Chief Executive Officer of root9B Technologies, has received approval from the Board of Directors to pursue shareholder approval to commence a reverse stock split in order to uplist the company’s shares.
“The status of our company’s shares precludes many institutional and private equity potential investors from purchasing our shares as
many of their charters restrict ownership of shares not traded on a major exchange,” Mr. Grano said. Mr. Grano further commented that the Board of Directors has agreed to a reconfiguration of the Board in order to commensurately align the Board with a transition to a pure cybersecurity company. In that regard, Eric Hipkins, Chief Executive Officer of the root9B subsidiary, has been named to the Board of the parent company. The Board also approved an evaluation for the divestiture of noncybersecurity assets, primarily its IPSA International division, and any remaining components of its energy practice.