IZEA Worldwide Adopts Limited-Duration Stockholder Rights Plan
ORLANDO, Fla., May 28, 2024 (GLOBE NEWSWIRE) -- IZEA Worldwide, Inc. (NASDAQ: IZEA ), the premier provider of influencer marketing technology, data, and services for the world’s leading brands and agencies, today announced that its Board of Directors have adopted a limited duration stockholder rights plan (the “Rights Plan”) under which stockholders will receive rights to purchase a new series of preferred stock in certain circumstances.
- ORLANDO, Fla., May 28, 2024 (GLOBE NEWSWIRE) -- IZEA Worldwide, Inc. (NASDAQ: IZEA ), the premier provider of influencer marketing technology, data, and services for the world’s leading brands and agencies, today announced that its Board of Directors have adopted a limited duration stockholder rights plan (the “Rights Plan”) under which stockholders will receive rights to purchase a new series of preferred stock in certain circumstances.
- The Rights Plan is designed to protect all stockholder interests by reducing the likelihood that any person or group could gain control of the Company without appropriately compensating Company stockholders for control.
- While the Rights Plan is effective immediately, the rights will be exercisable only if a person or group acquires beneficial ownership, as defined in the Rights Plan, of 15% or more of the Company common stock, subject to certain exceptions.
- Subject to the terms of the Rights Plan, if the rights become exercisable, the ownership of any Acquiring Person (as defined in the rights agreement for the Rights Plan) will likely be significantly diluted.