Not such great news...
ObjectSoft Asks Stockholders to Approve Reverse Split
HACKENSACK, N.J., Sept. 2 /PRNewswire/ --ObjectSoft Corporation's (Nasdaq: OSFT) common stock will continue to be listed on The Nasdaq SmallCap Marketsm via an exception from the minimum bid price requirement.
While ObjectSoft failed to meet this requirement as of August 3, 1999, the Company was granted a temporary exception from this standard subject to ObjectSoft meeting certain conditions relating to maintenance of the closing bid price of at least $1.00 per share. The exception will expire on October 15, 1999. In the event the Company is deemed to have met the terms of the exception, it shall continue to be listed on the Nasdaq SmallCap Market(SM). The Company believes that it can meet these conditions, however, there can be no assurance that it will do so. If at some future date the Company's securities should cease to be listed on The Nasdaq SmallCap Market(SM), they may be listed in the OTC-Bulletin Board. For the duration of the exception, the Company's Nasdaq Symbol will be OSFTC.
The Company's Board of Directors has unanimously approved an amendment to the Company's certificate of incorporation to implement a reverse stock split of its common stock with the intention of rectifying the bid price deficiency in the event that market forces are insufficient. The Company has submitted to the Securities and Exchange Commission a proxy statement recommending that stockholders approve a proposal giving the Company's Board of Directors authority, in its discretion, to implement the reverse stock split at a ratio to be determined by the Board of Directors.
ObjectSoft Corporation will broadcast an update for analysts in a conference call today, Thursday, September 2, 1999 at 3:30 PM EDT. This call will be carried live online, and will be available for 90 days thereafter, at vcall.com.
This press release contains certain forward-looking statements concerning ObjectSoft Corporation, which are subject to a number of known and unknown risks that could cause actual results, performance and achievements to differ materially from those described or implied in the forward-looking statements. Among such risks are those discussed in the Company's Registration Statements on Form SB-2 and Form S-3, its Quarterly Reports on Form 10-QSB and its Annual Reports on Form 10-KSB on file with the SEC and other filings made with the SEC from time to time.
SOURCE ObjectSoft Corporation
/CONTACT: Brian Bailey of Rubenstein Associates Public Relations,
212-843-9258, for ObjectSoft Corporation/
/Company News On-Call: prnewswire.com or fax,
800-758-5804, ext. 124404/
(OSFT)
OBJECTSOFT CORP - OSFT
Price 27/32
Net Change -1/32
Volume (000) 71
Day High 7/8
Day Low 25/32
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