L Q Corporation, Inc. Announces Reverse and Forward Stock Splits to Take Effect on or About July 19, 2004
Friday July 16, 2:29 pm ET
biz.yahoo.com
NEW YORK, July 16 /PRNewswire-FirstCall/ -- L Q Corporation, Inc. (OTC Bulletin Board: LQID - News; formerly Liquid Audio, Inc.) announced today that the Company's 1-for-250 reverse stock split, to be immediately followed by a 35-for-1 forward split of the Company's Common Stock, will take place at the close of business on or about July 19, 2004, with an effective date of June 8, 2004. The reverse and forward stock splits were approved by the stockholders of the Company at the Company's 2003 Annual Meeting of the Stockholders. Any fractional shares resulting from the 1-for-250 reverse stock split will be converted into the right to receive cash equal to the sale price of the fractional shares on the open market. The company's transfer agent will deliver a letter of transmittal and related instructions to the stockholders or their brokers/dealers, as applicable, in connection with the reverse and forward stock splits.
As of June 7, 2004, there were approximately 23,176,858 shares of the Company's Common Stock outstanding. After the effect of the reverse and forward stock splits, approximately 3,190,180 shares of the Company's Common Stock will be outstanding.
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