Please refer to the Proxy Statement relating to the Annual Meeting that was previously mailed to shareholders for more information regarding the Reverse/Forward Stock Split
and hypothetical examples illustrating potential results of the Reverse/Forward Stock Split
Since 1996, when there were 643 stock splits
, totals have trended downward, reports Thomson Financial Securities Data.
Back in December, Cortex Pharmaceuticals, a company with a shallow coffer of capital, announced a one-for-five reverse stock split
as advisors to review the fairness of the transaction, and received from them an opinion that the per share cash consideration to be paid in the proposed Reverse/Forward Stock Split
transaction is fair, from a financial point of view, to the Company's shareholders that would be cashed out as a result of the Reverse/Forward Stock Split
This follows two separate six-for-five stock splits
issued the past two quarters by the company.
Stockholders who are to be cashed out as a result of the Reverse/Forward Stock Split
will be notified by the Company's transfer agent, U.
The decision to proceed with the stockholder-approved stock split
was prompted by these business considerations.
In connection with the reverse stock split
, the Board of Directors of the Bank has determined to reduce the number of authorized shares of the Bank's common stock from 120,000 shares to 120 shares.
We are evaluating the listing requirements for each exchange and intend to apply for a national listing as soon as possible after the reverse stock split
and reincorporation are completed.
In September, the Company expects to review the outcome of the reverse stock split
Shareholders of record who hold stock certificates will receive a letter of transmittal requesting that they surrender their old stock certificates for new stock certificates reflecting the adjusted number of shares as a result of the reverse stock split
No fractional shares will be issued in connection with the reverse stock split
, and holders of fractional shares will receive cash in lieu of their fractional shares.
NASDAQ: WAVX) announced that it has filed a preliminary proxy statement with the SEC for a special meeting to be held on July 24, 2006 seeking stockholder approval permitting the board to implement a reverse stock split
of Wave's common stock at a ratio of either 1:2, 1:3 or 1:4.
Nasdaq:VERT),a leading provider of on-demand supply management solutions, today announced it completed its debt financing and plans to effect a reverse stock split
on June 12, 2006.
Nasdaq: INMD), the largest fertility services company in the United States, today announced that on May 22, 2006 the Board of Directors of the Company declared a 25 percent stock split
effected in the form of a stock dividend.