May, 2002 : Genuity Shareholders Approve Reverse Stock Split
📅 - Internet infrastructure service provider Genuity (genuity.com), which recently announced it would cut 1,200 jobs in the wake of another unprofitable quarter, said on Thursday that its shareholders and board of directors have approved a proposal for a reverse 20-to-1 split of the company's common stock.
The proposal, says Genuity, was accepted by 96 percent of the company's Class A and Class B shared that voted at the company's annual shareholders? meeting in Washington DC.
"The approval of this action by Genuity stockholders and the Board clearly shows that it is in the best interest of our company," says Paul R. Gudonis, Genuity chairman and CEO. "Our Board is implementing the reverse stock split so that we will meet the minimum price requirements for listing on the NASDAQ National Market, thus facilitating trading in Genuity shares."
Genuity says it expects that shares will begin trading at the split-adjusted price on the NASDAQ and the Nouveau Marche on Thursday May 30, 2002. Following the completion of the reverse split, genuity will have 11,175,220 shares of Class A and B common stock issued and outstanding.
A number of members of Genuity's board of directors were also re-elected to additional three-year terms at the meeting.
The proposal, says Genuity, was accepted by 96 percent of the company's Class A and Class B shared that voted at the company's annual shareholders? meeting in Washington DC.
"The approval of this action by Genuity stockholders and the Board clearly shows that it is in the best interest of our company," says Paul R. Gudonis, Genuity chairman and CEO. "Our Board is implementing the reverse stock split so that we will meet the minimum price requirements for listing on the NASDAQ National Market, thus facilitating trading in Genuity shares."
Genuity says it expects that shares will begin trading at the split-adjusted price on the NASDAQ and the Nouveau Marche on Thursday May 30, 2002. Following the completion of the reverse split, genuity will have 11,175,220 shares of Class A and B common stock issued and outstanding.
A number of members of Genuity's board of directors were also re-elected to additional three-year terms at the meeting.
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URL source: http://www.thewhir.com/marketwatch/gen051702.cfm
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