Interviews
News Flash
Harold's shareholders approve deregistration of Co shares
07 Dec '07
3 min read
Harold's Stores Inc a chain of upscale ladies' and men's specialty apparel stores, announced that at its annual meeting of shareholders, the Company's shareholders approved two amendments to the Company's Certificate of Incorporation providing for a 1-for-1,000 reverse stock split of all of the shares of the Company's Common Stock to be immediately followed by a 1,000-for-1 forward stock split.
As approved, every 1,000 shares of Common Stock owned by a shareholder at the effective time of the reverse stock split will be converted into one share of Common Stock, and each shareholder who owns fewer than 1,000 shares of Common Stock at the effective time of the reverse stock split (also referred to as a "Cashed Out Shareholder") will receive a cash payment instead of a fractional share, as permitted under Oklahoma law, of $0.30 per share.
Each shareholder who is not a Cashed Out Shareholder will be issued 1,000 shares of Common Stock for every one share of Common Stock held following the reverse stock split.
The primary purpose and effect of the reverse stock split is to reduce the number of holders of record of the Company's Common Stock below 300 to allow the Company to terminate the registration of its Common Stock under Section 12(g) and to suspend its filing obligations with the Securities and Exchange Commission ("SEC") under Section 15(d) of the Securities Exchange Act of 1934.
It is anticipated that the reverse stock split will be effective as of 5:00 p.m. (central time) and the forward stock split will be effective as of 5:01 p.m. (central time) on December 6, 2007. The proxy statement for the annual meeting, which has been distributed to all holders of Common Stock, contains additional details about the transaction.
As approved, every 1,000 shares of Common Stock owned by a shareholder at the effective time of the reverse stock split will be converted into one share of Common Stock, and each shareholder who owns fewer than 1,000 shares of Common Stock at the effective time of the reverse stock split (also referred to as a "Cashed Out Shareholder") will receive a cash payment instead of a fractional share, as permitted under Oklahoma law, of $0.30 per share.
Each shareholder who is not a Cashed Out Shareholder will be issued 1,000 shares of Common Stock for every one share of Common Stock held following the reverse stock split.
The primary purpose and effect of the reverse stock split is to reduce the number of holders of record of the Company's Common Stock below 300 to allow the Company to terminate the registration of its Common Stock under Section 12(g) and to suspend its filing obligations with the Securities and Exchange Commission ("SEC") under Section 15(d) of the Securities Exchange Act of 1934.
It is anticipated that the reverse stock split will be effective as of 5:00 p.m. (central time) and the forward stock split will be effective as of 5:01 p.m. (central time) on December 6, 2007. The proxy statement for the annual meeting, which has been distributed to all holders of Common Stock, contains additional details about the transaction.
Popular News
Leave your Comments
Esteemed Clients
-Ltd..jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Thermore (Far East) Ltd.")
.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Telangana State Industrial Infrastructure Corporation Limited (TSllC Ltd)")
.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Taiwan Textile Federation (TTF)")
