Internet Capital Group Announces 1-for-20 Reverse Stock Split
04/26/2004 15:05
Internet Capital Group, Inc. (Nasdaq:ICGE; "ICG") announced today that its Board of Directors has approved the amendment of ICG's restated certificate of incorporation to effect a reverse stock split of the ICG common stock based upon a ratio of one-for-twenty.
At the annual meeting of stockholders held Friday, April 23, 2004, the stockholders of ICG voted to grant the Board of Directors the discretionary authority to effect the reverse stock split of ICG's common stock.
The record date for the reverse stock split is Friday, May 7, 2004 and the reverse stock split will be effective as of the close of trading on Friday, May 7, 2004. On a pre-split basis, ICG currently has 761,132,009 shares of common stock outstanding. Stockholders will be receiving instructions regarding the process of exchanging pre-split old common stock certificates for post-split new common stock certificates from ICG's transfer agent, Mellon Investor Services, Inc. For more information regarding the reverse stock split, stockholders are urged to review the Proxy Statement dated March 24, 2004.
In order to indicate the effect of the reverse split to the investment community, Nasdaq will amend the Company's ticker symbol to "ICGED" for a period of twenty trading days, commencing on May 10, 2004. After such time, the Company's ticker symbol will revert to "ICGE". |
