QUOT to call a special meeting of its shareholders to vote on a reverse split:
biz.yahoo.com
Tuesday January 16, 10:04 am Eastern Time
Press Release
SOURCE: Quotesmith.com, Inc.
Quotesmith.com, Inc. Announces Receipt of Nasdaq Delisting Warning Notice; Considers One-For-Six Reverse Stock Split
DARIEN, Ill., Jan. 16 /PRNewswire/ -- Quotesmith.com, Inc., (Nasdaq: QUOT - news), announced today that it may call a special meeting of stockholders to vote on a one-for-six reverse stock split, if such a meeting becomes necessary in order to maintain Nasdaq's minimum bid price of $1.00. The Company's common stock has failed to maintain the minimum bid price for thirty consecutive trading days and is currently out of compliance with current Nasdaq listing requirements. Nasdaq has notified the Company that the Company's common stock must maintain a minimum bid price of $1.00 for ten consecutive trading days prior to March 13, 2001 in order to regain compliance with Nasdaq listing regulations.
``We intend to pursue a course of action which will maintain our Nasdaq National Market listing. We are executing our business plan on a slower growth trajectory with the goal of conserving capital, reducing operating losses and reaching profitability sooner rather than later. We finished the year with a strong capital base and no debt,'' commented Robert Bland, Chairman and founder of Quotesmith.com. Mr. Bland and William Thoms, also a founder of the Company, together own in excess of 50% of the Company's outstanding stock and have expressed their intention to vote for such a proposal if ultimately recommended by its board of directors. |
