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Interesting news today. Reverse split is coming with special proxy for preferred shares. 1/2 split. Has absolutely nothing to do with Nasdaq rules. Company already complies. Company indicates it needs more authorized shares. Currently 60M authorized, 42Moutstanding, with 10M for options and acquisitions already out. By reducing share in half, they get an additional 20M shares for acquisition. They are using the stock to buy companies like Wireless Plus, and saving the cash for the FCC auction. They think seller is out of Fahnstock, which would be Nike Wilson's group. However, stock is getting very hard to find at these price levels, so maybe this group is running out of stock. I hope so. Also, Wireless plus has 2,500-3,500 subscribers at $22/month unlimited time. Accounts include TCI, Holiday Inns, limousine companies, towing etc. They are very excited about this. |
