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News >> Technology >>
InfoSpace shareholders approve reverse stock split
By siliconindia
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Friday, 13 September 2002, 19:30 IST
BELLEVUE: InfoSpace, Inc. (Nasdaq: INSP), a provider of wireless and Internet software and application services, Friday announced that its shareholders approved a 1-for-10 reverse stock split of all outstanding shares of common stock, as recommended by the Company's Board of Directors.
The reverse split will be effective Friday, Sept. 13, 2002, and it is anticipated that the shares will begin trading on a post-split basis effective at the beginning of trading tomorrow.
"We applaud our shareholders' decision to approve the proposed reverse stock split," said Ed Belsheim, president and chief operating officer of InfoSpace, Inc. "We expect the reverse split authorized by today's vote to raise the per share trading price of InfoSpace stock and address the issue of compliance with the Nasdaq Stock Market's listing maintenance standard regarding minimum bid prices as well as help position us to achieve our goal of stock trading levels that meet the criteria of institutional holders."
InfoSpace shareholders will receive one share of the Company's common stock for each ten shares of common stock held as of the effective date of the reverse split. Upon Fridays anticipated effective date, the number of shares of InfoSpace common stock outstanding will be approximately 30.9 million.