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Reverse split announced

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player1234 Member Level  Friday, 06/28/13 05:27:22 PM
Re: None
Post # of 242294 
Reverse split announced

http://www.wave.com/buzz/pr/following-shareholder-approval-wave%E2%80%99s-board-approves-1-4-reverse-stock-split

All the stealth and conspiracy theories have been proven wrong, again. The company gets no special treatment.

Full text below

Following Shareholder Approval, Wave’s Board Approves 1-for-4 Reverse Stock Split
Lee, MA - June 28, 2013 - Wave Systems Corp. (NASDAQ: WAVX) announced today 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 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 (4) shares held, Wave shareholders will receive in exchange one (1) 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 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 Board of Directors believes that the reverse stock split will enable the company to regain compliance with the $1 per share minimum closing bid price continued listing requirement. However, there can be no assurance that this result will be achieved or that Wave will maintain the listing of its common stock on the Nasdaq Capital Market. Wave is currently in compliance with all other continued listing criteria for the Nasdaq Capital Market.

Wave Systems Corp. (NASDAQ: WAVX) announced today 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 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 (4) shares held, Wave shareholders will receive in exchange one (1) 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 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 Board of Directors believes that the reverse stock split will enable the company to regain compliance with the $1 per share minimum closing bid price continued listing requirement. However, there can be no assurance that this result will be achieved or that Wave will maintain the listing of its common stock on the Nasdaq Capital Market. Wave is currently in compliance with all other continued listing criteria for the Nasdaq Capital Market.


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