MIDDLETOWN, R.I., July 06, 2016 (GLOBE NEWSWIRE) -- Towerstream Corporation (NASDAQ:TWER), a leading Fixed-Wireless Fiber Alternative company, announced today a reverse stock split of its shares of common stock at a ratio of 1-for-20. The purpose of this reverse split is to allow the Company to regain and maintain compliance with the minimum closing bid price of $1.00 per share as required by NASDAQ Listing Rules. At the market open on Thursday, July 7, 2016, Towerstream’s common stock will begin trading on a split-adjusted basis.

As a result of the reverse stock split, the Company's issued and outstanding shares of common stock will decrease to approximately 4,517,000 post-split shares (prior to effecting the rounding of fractional shares into whole shares as described below) from approximately 90,333,000 pre-split shares.

As a result of the reverse stock split, the total number of shares of common stock held by each stockholder will be converted automatically into the number of whole shares of common stock equal to the number of shares of common stock held by such stockholder immediately prior to the reverse stock split, divided by 20. No fractional shares will be issued, and no cash or other consideration will be paid. Instead, any stockholder who otherwise would have received a fractional share as a result of the reverse stock split will receive one whole share of the post-split common stock.

About Towerstream Corporation

Towerstream Corporation (NASDAQ:TWER) is a leading Fixed-Wireless Fiber Alternative company delivering high-speed Internet access to businesses. The Company offers broadband services in 12 urban markets including New York City, Boston, Los Angeles, Chicago, Philadelphia, the San Francisco Bay area, Miami, Seattle, Dallas-Fort Worth, Houston, Las Vegas-Reno, and the greater Providence area.