*off topic* NURS update. Since the 1.2 million share buying
spree on wednesday did not continue into Thursday and Friday,
it now appears that a reverse split will occur, according to SEC
documents. The first day of the 10-day "trading period" was Friday,
with the last sale for averaging purposes is .25. So as of today
there would be a 8-1 reverse, on the low end of the reverse scale.
It will be exciting to watch how high on the scale NURS goes over
the next 2 weeks- I think management is aiming at the smallest
possible reverse, which means NURS has got to get to the .75 range
by early next week(tuesday after MLK holiday).
From the proxy:
The Board of Directors of the Company has authorized a vote by the shareholders on a proposal to effect a reverse split of the issued and outstanding shares of Common Stock (the Reverse Stock Split") if on February 2, 1998, the reported last sale price of the Company's Common Stock on the Nasdaq SmallCap Market has not been over $1.25 for each of the previous ten
days on which the Common Stock traded in such market (the "Trading Period").
The ratio of the Reverse Stock Split (the "Reverse Split Ratio") would be determined based on the formula set forth below, and could vary from 1 for 2 to 1 for 10. A copy of the Plan of Effecting a Reverse Stock Split (the "Plan"), which has been approved by the Board of Directors and is recommended
to the shareholders for their approval at the Annual Meeting is attached as Exhibit A. If adopted, each share of Common Stock issued and outstanding immediately prior to February 18, 1998 (the "Effective Date") will be
reclassified as, and changed into, a fraction of one share of Common Stock, depending on the Reverse Split Ratio that results from the application of the formula set forth below and in the Plan.
By approving this proposal, the Shareholders will authorize a Reverse Split Ratio determined as follows, based upon the average last sale price per share of the Common Stock as reported on the Nasdaq SmallCap Market during the Trading Period:
Average Last
Sale Price Reverse
During Trading Period Split Ratio
----------------------- ------------
Under $0.15 1 for 10
$0.16 to $0.25 1 for 8
$0.26 to $0.40 1 for 5
$0.41 to $0.50 1 for 4
$0.51 to $0.65 1 for 3
$0.66 to $1.25 1 for 2
If the average last sale price during the Trading Period is over $1.25 per share, the Reverse Stock Split will not occur.
However, by approving this proposal, the Shareholders will also give the Board of Directors authority to determine, in its sole discretion, that it is in the best interest of the Company to abandon the the Reverse Stock Split at any time prior to the Effective Date, without further action by the
Shareholders.
|
