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Technology Stocks : Microprose, MPRS
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To: Hansy who wrote (318)3/7/1998 4:57:00 PM
From: Bonzo  Read Replies (1) of 633
 
If you are implying that I or someone else started a reverse split rumor you are mistaken. It was reported on the Yahoo thread by a poster (Snake) who personally had met with Race and Louie and was told that the Board of Directors had already approved either a 4:1 or 5:1 reverse split and it will be voted on by the shareholders in the next several months. I have no reason not to believe the meeting took place. However, I will agree, unless on the wire it is not official. I have a call to Investor Relations so I may seek to confirm the Companies position. My personal experience with reverse splits has been devastating. I asked those who disagree with it to write the company and let their feelings known. I suggested that a listing to the Small Cap board was better than a reverse and not as psychologically damaging to the shareholder and the share price. I believe MPRS qualifies for a Small Cap listing. 1000 shares bought will still be a 1000 shares owned, not 250 or 200 (albeit at a higher split adjusted price). MPRS purchased at 7 would have to move to 28-35 for breakeven. Not in this millenium. The listing requirements for the Nasdaq Small Cap board are as follows:
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Summary of minimum requirements for continued listing, effective
February 23, 1998:

(1) Net tangible assets of $2 million, or market capitalization of $35 million, or $500,000 in net income for two of the last three years

Public float of 500,000 shares

$1 million market value for the public float (2)

300 shareholders

$1 minimum bid price (3).

Two market makers Corporate Governance Standards (see initial listing requirements)

1 Net tangible assets are total assets less total liabilities and
goodwill.
2 The public float consists of shares that are not held directly or
indirectly by any officer or director of the issuer and by any other
person who is the beneficial owner of more than 10 percent of the total shares outstanding.
3 A company is not in compliance with this requirement when its stock
drops below $1 for 30 days. The company will be notified of delisting
proceedings unless the stock closes at $1 or more for 10 consecutive
days, within 90 days of falling out of compliance.
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