Intrusion announces 1-for-20 reverse stock split, exchange agreement

Intrusion announced that following approval from stockholders at the Special Meeting of Stockholders on March 15, 2024, the Company intends to effectuate a 1-for-20 reverse stock split of its issued and outstanding shares of common stock, par value $0.01 per share. The Company also announced today that it has entered into an exchange agreement with Streeterville Capital, LLC to exchange an aggregate $9,275,000 in senior debt pursuant to notes issued in March and June of 2022 for a newly designated Series A Preferred Stock. The 1-for-20 reverse stock split and entry into the Exchange Agreement are part of the Company’s plan to regain compliance with the minimum bid price requirement of $1.00 and the equity standard for continued listing on the Nasdaq Capital Markets.