Proposed Reverse Stock Split Ratio of 1:4 by Violin Memory

Violin Memory, Inc. announced that its board of directors has determined the ratio of a proposed reverse stock split to be 1-for-4, subject to stockholder approval.

The purpose of the reverse split is to raise the per share trading price of Violin’s common stock to regain compliance with the $1.00 per share minimum bid price requirement for continued listing on the New York Stock Exchange. However, there can be no assurance that the stockholders will approve the reverse stock split and, even if stockholders approve the reverse stock split, whether this desired effect will occur or be maintained.

Violin Memory has proposed, for approval by its stockholders during Violin Memory’s 2016 annual meeting of stockholders to be conducted on June 30, 2016, a reverse stock split of its common stock and a related reduction in the number of authorized shares of its common stock.

If the reverse stock split and the authorized share reduction are approved by Violin Memory’s stockholders, each four shares of Violin Memory’s issued and outstanding common stock will be automatically combined and converted into one issued and outstanding share of common stock, subject to the terms of the reverse stock split set forth in Violin Memory’s proxy materials.

In addition, the authorized shares of common stock of Violin Memory will be reduced from 1.0 billion to 250 million.

If the reverse stock split proposal is approved by Violin Memory’s stockholders, the reverse stock split and the authorized share reduction will be effective on, and the first day of post-split trading on the New York Stock Exchange will be July 6, 2016.