VocalTec Announces Reverse Stock Split
11/25/2005 2:30:01 PM
HERZLIA, Israel, Nov 25, 2005 (BUSINESS WIRE) -- VocalTec Communications Ltd. (VOCL) ("VocalTec"), a telecom equipment provider offering carrier class packet voice solutions, today announced a reverse stock split of its issued and outstanding share capital of 1:13, resulting in a total of 4,642,007 issued and outstanding ordinary shares. The foregoing reverse stock split followed the issuance by VocalTec on November 24, 2005 of an aggregate of 45,259,569 ordinary shares to the shareholders of Tdsoft Ltd. ("Tdsoft") pursuant to the closing of the acquisition among VocalTec, Tdsoft and the shareholders of Tdsoft on November 24, 2005. As a result of the reverse stock split, the par value of the ordinary shares of VocalTec will be increased from New Israeli Shekel 0.01 per shares to New Israeli Shekel 0.13 per share. The new ticker of VocalTec's ordinary shares on the Nasdaq Capital Market, effective on Monday, November 28, 2005, will be VOCLD. The reverse stock split will become effective immediately before trading begins on Monday, November 28, 2005. Any fractional shares resulting from the foregoing reverse stock split will be rounded to the nearest whole number.
The reverse stock split of VocalTec's issued and outstanding shares is being effected by VocalTec in order for its shares to be listed on the Nasdaq Capital Market (which listing is subject to the closing bid price of VocalTec's shares on the Nasdaq Capital Market on Monday, November 28, 2005 being not less than $4.00 per share).
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