To Mike and All:
The SEC filing is on EDGAR.. here is some info:
Please go to:
sec.gov
As proposed, the Reverse Stock Split would reduce the number of the Company's outstanding shares to approximately [5,767,640] shares of Common Stock (assuming authorization of 1:15 reverse stock split). The proposed Reverse Stock Split would not affect any stockholder's proportionate equity interest in the Company, except to the extent that any fractional shares are rounded up to the next whole number.
Reasons for the Proposed Stock Split
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The Board of Directors of the Company believes that the Reverse Stock Split is necessary to provide a manageable number of shares of Common Stock and to effectively insure the marketability of the Company's New Common Stock. There can be no assurances, however, that the trading market for the Common Stock will increase or improve, nor can the Board of Directors of the Company predict what effect, if any, the Reverse Stock Split will have on the market price of the
Common Stock. The Board of Directors is hopeful that a decrease in the number of shares of Common Stock outstanding, as a consequence of the proposed Reverse Stock Split, and the anticipated corresponding increase in the price per share will stimulate interest in the Company's Common Stock by attracting both an institutional and broader based market following, and thereby possibly promote
greater liquidity for the Company's stockholders with respect to those shares presently held by them. However, the possibility does exist that such liquidity could be adversely affected by the reduced number of shares which would be outstanding if the proposed Reverse Stock Split is effected.
The Company does not propose to modify the number of authorized shares of Common Stock or Preferred Stock. It is estimated that after the Reverse Stock Split approximately [94,232,360] authorized but unissued shares of New Common Stock will remain, which shares will be available for future corporate purposes.
The Reverse Stock Split is not intended to change the proportionate equity interests of the Company's stockholders; however, some incidental change can be expected to occur in connection with the rounding up or down of fractional shares (see "The Reverse Stock Split - Fractional Shares"). Voting rights and other rights of the stockholders will not be altered by the Reverse Stock Split. |
