Zedge (NYSE MKT: ZDGE) today announced that its spin-off from IDT Corporation (NYSE: IDT) has been successfully completed following the distribution by IDT of ZDGE common stock to IDT stockholders. Zedge Class B Common Stock will begin trading regular way today on the NYSE MKT with the ticker symbol “ZDGE”.
Tom Arnoy, co-founder and CEO of Zedge, said, “Since our inception, we have been focused on developing an exceptional service that enables Zedgers to express their identity, feelings, tastes and interests on their mobile phones with outstanding personalization content including wallpapers, ringtones, app icons and notification sounds. As a result of this focus, we have developed a huge following. We have tremendous opportunities for continued growth before us, and we will continue to execute on our growth strategy delighting customers and attracting new users.”
Holders of IDT Class A and Class B common stock as of the record date, May 26, 2016, were issued one share of ZDGE Class A and Class B common stock, respectively, for every three shares of IDT stock they held. 524,775 shares of ZDGE Class A and 7,151,603 shares of Class B common stock were distributed to IDT stockholders at 11:59 p.m. yesterday. 524,775 shares of ZDGE Class A and 8,786,759 shares of Class B common stock are currently outstanding.
Jonathan Reich, CFO and COO of Zedge, said “We are grateful to IDT for its support during the past years enabling us to get to this point, and are excited by the prospect of continuing to grow as an independent company in order to unlock value for our shareholders.”
All statements above that are not purely about historical facts, including, but not limited to, those in which we use the words "believe," "anticipate," "expect," "plan," "intend," "estimate," "target" and similar expressions, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. While these forward-looking statements represent our current judgment of what may happen in the future, actual results may differ materially from the results expressed or implied by these statements due to numerous important factors. Our filings with the SEC provide detailed information on such statements and risks, and should be consulted along with this release. To the extent permitted under applicable law, we assume no obligation to update any forward-looking statements.
Zedge (NYSE MKT: ZDGE) provides a highly popular app that centered on self-expression, pairing both creators and brands looking to promote their content with consumers who utilize the content – wallpapers, ringtones, app icons and notification sounds - to personalize their phones. The Zedge app has surpassed 200 million installs globally and is available in both the Google Play and iTunes stores.
About IDT Corporation:
IDT Corporation (NYSE: IDT), through its IDT Telecom division, provides retail telecommunications and payment services to help immigrants and the under-banked communicate and share resources around the world. IDT Telecom's wholesale business is a leading global carrier of international long distance calls. For more information on IDT, visit www.idt.net.