Autobytel Inc. (ABTL) announced that at the Company's Annual Meeting of Stockholders, the Company's stockholders approved an amendment to the Company's Certificate of Incorporation to effect a reverse split of the Company's common stock, $0.001 par value per share, and authorized the Company's Board of Directors to determine the ratio and the effective date of the reverse stock split.
The reverse stock split proposal was approved by a vote of approximately 80% of the outstanding shares.
Following the annual meeting, the Board of Directors determined to fix the ratio for the reverse stock split at 1-for-5, with an expected effective date to be July 11, 2012 and trading on a post-reverse split-adjusted basis on the NASDAQ Capital Market to begin as of the opening of trading on July 12, 2012.
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