The following press release was published on Business Wire on September 3.
IMP FILES FOR STOCK SPLIT
The first two paragraphs of the release state:
SAN JOSE, CA., September 3, 1998 -- IMP, Inc. (Nasdaq: IMPX) today announced that it has filed preliminary proxy materials with the SEC to call a Special Meeting of Stockholders on October 15, 1998 to approve an amendment to the Company's Certificate of Incorporation to effect a one-for-ten reverse split of the Company's Common stock.
"This action is necessary to satisfy the Nasdaq Maintenance Standard of a minimum per share price of $1.00 to allow IMP stock to continue to be traded on the National Market," said Phil Ferguson, IMP president and CEO. "The National Market has a number of criteria for continued inclusion, and the minimum bid price is the only one with which IMP is currently not in compliance. Although the stock could continue to trade on the over-the-counter market, we believe it is in the best interests of shareholders to approve this amendment to insure the maximum liquidity of the Company's securities."
The full text of the release will be posted on the IMP website at impweb.com
Statements in this press release regarding IMP's business that are not historical facts are "forward-looking statements" that involve risks and uncertainties, including, but not limited to demand for the Company's products, foundry utilization, the ability of the Company to develop, manufacture and market new products, demand by end-users for the products produced by the Company's customers, and the other risks detailed from time to time in the Company's reports filed with the Securities and Exchange Commission, including the Company's most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q. |
