FONT-SIZE Plus   Neg

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

Wave Systems Corp. (WAVX) 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.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Apple confirmed that it has bought face animation software firm Faceshift, although it was tight lipped about how it intends to use the new addition. The move is speculated as a bid to expand into virtual reality. Environment ministry of South Korea Thursday ordered Volkswagen Korea to recall 125,522 diesel vehicles on determining actual emissions of nitrogen oxides. The ministry has asked the German automobile maker to pay a fine of 14.1 billion Won or $12.31 million. The company has to submit a recall plan by January 6, 2016. The U.S. Food and Drug Administration has alerted health care professionals and patients of a voluntary recall of compounded multivitamin capsules containing high amounts of Vitamin D3 (Cholecalciferol), distributed nationwide by Glades Drugs in Pahokee, Florida. FDA has received reports of several...
comments powered by Disqus
Follow RTT