Sensar Announces 2-For-1 Stock Split
SALT LAKE CITY, Jan. 5 /PRNewswire/ -- Sensar Corporation (Nasdaq: SCII) announced today that on January 5, 2000 its board of directors approved a 2-for-1 stock split of its issued and outstanding common stock, par value $0.001 per share.
As a result of this stock split, which will be given effect by delivery of new certificates for one share of stock for each outstanding share, the issued common stock of the Company will be increased from approximately 3.15 million to approximately 6.3 million shares. The split will be effective for all shares issued and outstanding as of the close of business January 17, 2000 (the "Record Date").
Sensar has experienced a significant increase in its stock price over the past few months since the announcement of its proposed merger with Net2Wireless. The Company believes that a shortage of stock exists in the market as evidenced by the amount of the daily trading volume vis-a-vis the publicly held shares available for trading. It is anticipated that this increase in the available float will therefore improve the overall marketability of the stock and help satisfy the demand of certain larger institutions.
"For the past few weeks, we have been under some pressure to improve the liquidity of the stock and to reduce the volatility caused by a small float. This measure should considerably improve the situation going forward," stated Howard S. Landa, Chairman and CEO.
Certificates representing the additional shares will be mailed to shareholders of record by the Company's transfer agent, Progressive Transfer Company, 1981 East 4800 South, Suite 100, Salt Lake City, Utah 84117, telephone number (801) 272-9294, on or about January 20, 2000. All outstanding rights to acquire common stock of Sensar will also be adjusted, effective as of the Record Date, to give effect to the stock split. |
