Quick Facts
FONT-SIZE Plus   Neg
Share SHARE

Wave Systems Board Okays 1-for-4 Reverse Split - Quick Facts

RELATED NEWS
Trade WAVX now with 

Wave Systems Corp. (WAVX: Quote) announced that, following shareholder approval at the company's annual meeting on June 20, 2013, the Board of Directors has approved a 1-for-4 reverse split of the company's common stock. The reverse stock split will be in effect at the commencement of trading Monday, July 1, 2013.

The company said that the reverse split is being implemented for purposes of regaining compliance with the $1.00 per share minimum closing bid price requirement for continued listing on the Nasdaq Capital Market.

For every four shares held, Wave shareholders will receive in exchange one new share of Wave Systems common stock. Shareholders otherwise entitled to fractional shares as a result of the reverse stock split will receive cash payments in lieu of those fractional shares, the company said.

The number of common shares issued and outstanding (Class A and Class B combined) will be reduced to approximately 29.2 million from approximately 116.9 million. Shareholders' percentage ownership in the company will remain unchanged as a result of the reverse split, the company noted.

The company believes that the reverse stock split will enable it to regain compliance with the $1 per share minimum closing bid price continued listing requirement.

Register
To receive FREE breaking news email alerts for Wave Systems Corp. and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Computer and printer maker Hewlett-Packard Co. said Tuesday after the markets closed that its fourth quarter profit fell 6% from last year, as revenue declined 2%. The company's quarterly earnings per share, excluding items, came in line with analysts' expectations, but its quarterly revenue fell short of analysts' forecast. This organic and natural products company has experienced strong compounded annual growth over the last four fiscal years with its net sales growing 25% and adjusted income from continuing operations over 30%. Here is a quick summary of the earnings reported after the bell on Nov. 24. 1. Amira Nature Foods Ltd (ANFI) reported net income for the second quarter of $8.3 million or $0.29 per share, compared to $5.0 million or $0.18 per share for the year-ago quarter. Excluding items, adjusted earnings...
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.