iGO, Inc. IGOI
(the "Company") announced today that it intends to effect a reverse split of
its common stock at a ratio of 1-for-12. The reverse stock split, which was
approved by the Company's stockholders on January 25, 2013, will take effect
at 11:59 p.m. Eastern Time on February 4, 2013. The stock will begin trading
on a split-adjusted basis at the opening of markets on February 5, 2013.
As a result of the reverse stock split, every 12 shares of common stock issued
and outstanding prior to the opening of trading on February 5, 2013 will be
consolidated into one issued and outstanding share. No fractional shares of
common stock will be issued as a result of the reverse stock split, and any
fractional shares will be paid in cash. Proportional adjustments will be made
to the number of shares of iGO, Inc.'s common stock issuable upon exercise or
conversion of the Company's outstanding equity awards, as well as the
applicable exercise price.
The reverse stock split is intended to increase the per share trading price of
the Company's shares of common stock to satisfy the $1.00 minimum bid price
requirement for continued listing on the NASDAQ Capital Market.
The Company also announced that it has implemented a number of cost-savings
initiatives that have resulted in a reduction in its workforce and annual
operating expenses.
Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
Posted In: NewsStock Split
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in