Free money from PBOX($.42); buy 999 today, get $.80/share after reverse
Other Events.
On December 19, 2016, the Board of Directors (the “Board”) of Paybox Corp (the “Company”) approved a 1-for-1000 reverse stock split of the outstanding shares of its capital stock, par value 0.0001 par value per share (the “Common Stock”).
After completion of the reverse stock split, the Company expects to have fewer than 300 shareholders of record, allowing the Company to terminate the registration of its Common Stock under the Securities and Exchange Act of 1934, as amended (the “Exchange Act”). If that occurs, the Company will no longer be required to file periodic reports with the Securities and Exchange Commission (the “SEC”), including annual reports on Form 10-K, quarterly reports on Form 10-Q and Current Reports on From 8-K.
Accordingly, the shares of a stockholder that holds fewer than 1,000 shares of Common Stock immediately prior to the reverse split will be cancelled and converted into the right to receive from the Company a cash payment of eighty cents ($0.80) per share. Stockholders with 1,000 or more shares of Common Stock immediately before the reverse stock split will thereafter hold one share for each 1,000 common shares previously held. Persons who hold shares of Company common stock in “street name” are encouraged to contact their bank, broker, or other nominee for information on how the proposed transaction may affect any shares of Common Stock held for their account.
Consummation of the reverse stock split is subject to stockholder approval of an amendment to the Company’s certificate of incorporation. The amendment requires the approval of a majority of the Company’s outstanding shares. The Board may abandon the proposed reverse stock split at any time prior to its effectiveness of the applicable amendment to the Company's certificate of incorporation, even after stockholder approval, if the Board determines in its business judgment that such transaction is no longer in the best interests of the Company or its stockholders.
Not everything that can be counted counts, and not everything that counts can be counted.
----Albert Einstein
