iBasis (New OTC Ticker: IBSE) Effects 1-for-3 Reverse Split, Applies for NASDAQ Listing
BURLINGTON, MASS.--(BUSINESS WIRE)--May 2, 2006--iBasis, Inc. (OTCBB: former symbol IBAS, new symbol IBSE), the global VoIP company(TM), having received the approval of its shareholders at its annual meeting today, announced that the Company filed an amendment to its certificate of incorporation such that each three shares of issued and outstanding common stock will be converted automatically into one share of common stock.
The reverse stock split will be effective immediately after the close of market on May 2, 2006. iBasis stock will continue to trade on the OTC Bulletin Board on a post-split basis under the new ticker symbol IBSE as of May 3, 2006. Instructions regarding the exchange of certificates will be sent to shareholders of record following the split.
The Company also announced that it has filed an application for the listing of its common stock on the NASDAQ National Market. NASDAQ review of an application for listing typically takes at least several weeks.
"Implementing the reverse split is an important step in regaining our listing on NASDAQ," said Ofer Gneezy, president and CEO of iBasis. "Relisting will enhance our visibility with important market analysts and make iBasis stock more accessible for large institutional investors."
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