Company: MFON
Filing Date: 2025-09-09
Form Type: PRER14A
Source: 0001140361-25-034415
Chunk: 35

Company: MOBIVITY HOLDINGS CORP.
Filing Date: 2025-09-09
Form: PRER14A
Chunk 35
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 and discussed the process that had been conducted relative to their responsibilities. The Special Committee discussed the details of a reverse stock split “going dark” transaction, which involved a 1-for-25,000 reverse stock split which would cash out any post-split stockholder holding only a fractional share. The Special Committee directed management to begin preparation of necessary documents and proceed forward with the proposed transaction.

On July 30, 2025, the Special Committee met with management and representatives from Faegre Drinker. The Special Committee discussed the details of a reverse stock split “going dark” transaction, which involved a 1-for-25,000 reverse stock split which would cash out any post-split stockholder holding only a fractional share at a pre-split valuation of $0.29 per share. The Special Committee also discussed sources of financing to fund the reverse stock split, including obtaining funds from Thomas B. Akin, a member of the Board and Bruce E. Terker, an owner of 5% or more of the outstanding shares of the Company’s Common Stock. The Special Committee also reviewed and discussed a draft of the preliminary proxy statement that management prepared and circulated to the Special Committee in advance of the meeting and continued discussion regarding the fairness of the cash payment in connection with the Reverse Stock Split.

On July 31, 2025, the Special Committee met with management and representatives from Faegre Drinker. The Special Committee discussed the details of a reverse stock split “going dark” transaction, which involved a 1-for-25,000 reverse stock split which would cash out any post-split stockholder holding only a fractional share at a pre-split valuation of $0.29 per share. The Special Committee also discussed sources of financing to fund the reverse stock split, including obtaining funds from Thomas B. Akin and Bruce E. Terker. The Special Committee reviewed and discussed a draft of the preliminary proxy statement and continued discussion regarding the fairness of the cash payment in connection with the Reverse Stock Split. Representatives of Faegre Drinker reviewed with the directors their fiduciary duties in connection with their consideration of the Reverse Stock Split. Following consideration and discussion of the proposed Reverse Stock Split and the transactions contemplated thereby, the Special Committee unanimously approved the Reverse Stock Split and related transactions and recommended to our stockholders that they approve the Reverse Stock Split.

Overall, from its inception in June 2025 to July 31, 2025, the Special Committee met formally or informally five times, both independently and with either or both of representatives of