September 2, 2008 5:21 PM EDT
Progressive Gaming International Corporation (NASDAQ: PGIC) announced today that it plans to effect a one-for-eight reverse split of the authorized, issued and outstanding shares of the Company's common stock after the close of trading on September 15, 2008.
The Company is implementing the reverse stock split to maintain compliance with regulatory agencies, its recent financing transactions and NASDAQ listing requirements. Following the reverse stock split the Company will have approximately 10.8 million shares issued and outstanding, inclusive of 2.1 million shares issuable pursuant to the convertible note debenture with International Game Technology and approximately 0.8 million shares issuable under option and warrant agreements.
Following the reverse stock split, the number of total authorized shares of the Company's common stock will be reduced to 12.5 million shares.
Progressive Gaming International Corporation supplies integrated casino and jackpot management solutions for the gaming industry worldwide.
"Your Vegas Is Showing"
I've been to Hollywood
I've been to Redwood
I crossed the ocean
for a heart of gold
I've been in my mind,
it's such a fine line
Later, The Team.
