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Jaclyn plans to voluntarily delist Common Stock from AMEX
26 Apr '08
3 min read
The special committee of the Board of Directors has tentatively determined a reverse/forward stock split ratio of 1-for-250 shares.
As a result, and assuming this ratio is used, record holders owning less than 250 shares of common stock will receive a cash payment of $10.21 per share, and record holders owning 250 or more shares of common stock will retain their current numbers of shares of common stock without change.
The Company also anticipates making this payment available to its beneficial owners who own less than 250 shares of common stock (assuming this ratio is used) at the time the reverse stock split is completed.
The special committee and the Board each have reserved the right to change the ratio of the stock splits or to choose an alternative to the stock splits to the extent they believe it is necessary or desirable in order to accomplish the goal of reducing the number of record holders to below 300.
They may also abandon the proposed stock splits at any time prior to the completion of the proposed transaction if they believe that the proposed transaction is no longer in the best interests of the Company or its stockholders.
The stock splits are scheduled to be considered at a special meeting of the Company's stockholders scheduled to be held on May 7, 2008.
The Company has filed with the Securities and Exchange Commission, and has mailed to stockholders of record at March 31, 2008, a definitive proxy statement relating to the special meeting of stockholders.
As a result, and assuming this ratio is used, record holders owning less than 250 shares of common stock will receive a cash payment of $10.21 per share, and record holders owning 250 or more shares of common stock will retain their current numbers of shares of common stock without change.
The Company also anticipates making this payment available to its beneficial owners who own less than 250 shares of common stock (assuming this ratio is used) at the time the reverse stock split is completed.
The special committee and the Board each have reserved the right to change the ratio of the stock splits or to choose an alternative to the stock splits to the extent they believe it is necessary or desirable in order to accomplish the goal of reducing the number of record holders to below 300.
They may also abandon the proposed stock splits at any time prior to the completion of the proposed transaction if they believe that the proposed transaction is no longer in the best interests of the Company or its stockholders.
The stock splits are scheduled to be considered at a special meeting of the Company's stockholders scheduled to be held on May 7, 2008.
The Company has filed with the Securities and Exchange Commission, and has mailed to stockholders of record at March 31, 2008, a definitive proxy statement relating to the special meeting of stockholders.
Jaclyn Inc
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