Speedus Announces Reverse Stock Split
01 December 2007 - 2:15AM
PR Newswire (US)
NEW YORK, Nov. 30 /PRNewswire-FirstCall/ -- Speedus Corp.
(NASDAQ:SPDE) today announced that its Board of Directors has
approved a reverse split of Speedus' common stock at a ratio of
one-for-four shares, to take effect with the open of trading on
Monday, December 3, 2007. As is customary, a "D" will be appended
to the trading symbol and Speedus' common stock will begin trading
at that time on a post-reverse split basis under the symbol "SPDED"
for a period of 20 trading days. Thereafter, it will resume trading
under the Company's original symbol "SPDE." At the annual meeting
of stockholders, held on November 20, 2007, Speedus received
stockholder approval of a proposal authorizing the Company's Board
of Directors, in its discretion, to implement a reverse split of
the Company's issued and outstanding shares, as well as treasury
shares, at a ratio not to exceed one-for-six. Thereafter, the Board
of Directors approved the one-for- four ratio. No fractional shares
will be issued in connection with the reverse stock split, nor will
cash be issued in lieu of fractional shares. Fractional shares will
be rounded up to the next whole share. The exercise price and the
number of shares of common stock issuable under the Company's
outstanding stock options will be proportionately adjusted to
reflect the reverse stock split. Additional information about the
reverse stock split is available in Speedus' definitive proxy
statement filed with the Securities and Exchange Commission on
October 19, 2007 and available at the Company's website at
http://www.speedus.com/. Existing stockholders holding Speedus
common stock certificates will receive a Letter of Transmittal from
the Company's transfer agent with specific instructions regarding
the exchange of shares. Computershare is Speedus' transfer agent
and will act as the exchange agent for the purpose of implementing
the exchange of stock certificates in connection with the reverse
split. About Speedus Corp. Additional information on Speedus Corp.
may be obtained at http://www.speedus.com/ or by contacting Peter
Hodge at 888-773-3669 (ext. 23) or . Statements contained herein
that are not historical facts, including but not limited to
statements about the Company's product, corporate identity and
focus, may be forward-looking statements that are subject to a
variety of risks and uncertainties. There are a number of important
factors that could cause actual results to differ materially from
those expressed in any forward- looking statements made by the
Company, including, but not limited to, the continuing development
of the Company's sales, marketing and support efforts. DATASOURCE:
Speedus Corp. CONTACT: Peter Hodge of Speedus Corp.,
+1-888-773-3669, ext. 23, Web site: http://www.speedus.com/
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