InfoSpace Shareholders Approve 1-for-10 Reverse Stock Split; Approval Addresses
Nasdaq Notice of Bid Price Deficiency
Business Editors
BELLEVUE, Wash.--(BUSINESS WIRE)--Sept. 12, 2002--InfoSpace, Inc.
(Nasdaq: INSP), a provider of wireless and Internet software and
application services, today announced that its shareholders approved a
1-for-10 reverse stock split of all outstanding shares of common
stock, as recommended by the Company's Board of Directors.
The reverse split will be effective tomorrow, Sept. 13, 2002, and
it is anticipated that the shares will begin trading on a post-split
basis effective at the beginning of trading tomorrow.
"We applaud our shareholders' decision to approve the proposed
reverse stock split," said Ed Belsheim, president and chief operating
officer of InfoSpace, Inc. "We expect the reverse split authorized by
today's vote to raise the per share trading price of InfoSpace stock
and address the issue of compliance with the Nasdaq Stock Market's
listing maintenance standard regarding minimum bid prices as well as
help position us to achieve our goal of stock trading levels that meet
the criteria of institutional holders."
InfoSpace shareholders will receive one share of the Company's
common stock for each ten shares of common stock held as of the
effective date of the reverse split. Upon tomorrow's (Sept. 13, 2002)
anticipated effective date, the number of shares of InfoSpace common
stock outstanding will be approximately 30.9 million.
About InfoSpace, Inc.
InfoSpace, Inc. (Nasdaq: INSP) provides wireless and Internet
software and application services. The Company develops software
technologies that enable customers to efficiently offer a broad array
of network-based services under their own brand to any device.
InfoSpace corporate information can be found at
infospaceinc.com. |
