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Technology Stocks : InfoSpace.com
INSP 82.95-2.6%2:23 PM EST
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To: 10K a day who wrote (3008)7/28/2002 6:34:23 PM
From: Don Green  Read Replies (1) of 3070
 
InfoSpace, Inc. Announces 1-for-10 Reverse Stock Split

BELLEVUE, Wash. -(Dow Jones)- InfoSpace Inc. (NasdaqNM: INSP - News) 's board has approved a 1- for-10 reverse stock split of its outstanding shares.

In a news release, InfoSpace said its board, working with outside financial advisers, evaluated numerous options to address the trading level of InfoSpace shares, and determined that a reverse split is in the best long-term interest of the company and its shareholders. The board evaluated the alternative of a stock buyback and determined that it wasn't the best initiative at this time.

The company said the reverse split "is designed to raise the trading levels of InfoSpace stock while preserving cash for acquisitions, the development of new technologies and continued investment in our employees." It also said its intent "is to achieve stock trading levels that meet the criteria of more long-term institutional holders, allowing us to more effectively communicate our unique value proposition to this audience."

The company will ask its shareholders to approve the reverse split at a special meeting to be held on or about Sept. 12 . The record date to determine stockholders eligible to vote at the meeting will be the close of business on Aug. 12 .

Upon the effective date of the reverse split, the number of shares of company's common stock outstanding will be about 30.9 million (assuming no exercise of stock options or other new stock issuances by the company prior to the date of the reverse split).

InfoSpace provides wireless and Internet software and application services.
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