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Technology Stocks : ZAP - 'Zero Air Pollution' vehicles
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From: Done, gone.6/6/2006 1:16:01 PM
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Get ready:

AUTHORIZATION FOR THE BOARD TO EFFECT A REVERSE STOCK SPLIT

Excerpt from: sec.gov

General

You are being asked to vote on an amendment to our Amended and Restated Articles of Incorporation that would provide the Board of Directors the ability to effect a reverse stock split of all outstanding shares of our common stock in one of the following ratios: 1-for-4 or 1-for-6, in the event that our common stock fails to satisfy the minimum bid price requirement of the NYSE Arca as set forth below. The Board of Directors has unanimously adopted a resolution seeking shareholder approval of an amendment to ZAP’s Amended and Restated Articles of Incorporation to effect a reverse stock split of ZAP common stock. If the reverse stock split is approved by the shareholders, the Board of Directors may subsequently approve and effect, in its sole discretion, the reverse stock split based on its determination of whether the reverse stock split is necessary and advisable to maintain the continued listing requirements of the NYSE Arca. If this amendment is approved by shareholders, the Board of Directors would have the authority to effect a reverse stock split at the ratios indicated above at any time until June 18, 2007. Notwithstanding approval of this proposal by shareholders, the Board of Directors shall not effect a reverse stock split unless required to do so to maintain ZAP’s status as a listed company on the NYSE Arca.
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