On March 21, 2014, the Company’s Board of Directors voted in favor of a 1-for-2,000 reverse stock split. Also on March 21, 2014, through the written consent of the holders of a majority of our issued and outstanding voting securities, the Company’s shareholders voted in favor of the reverse stock split.
The proposed reverse stock split transaction consists of a 1-for-2,000 reverse stock split of the Company's outstanding common stock. Shareholders holding less than 2,000 shares of common stock immediately prior to the reverse split will not receive fractional shares in the reverse stock split, but will instead have their shares converted into the right to receive one whole common share in exchange for the fractional share interests resulting from the reverse stock split.
The Company intends to execute the shareholder approved reverse stock split during the second or third week of April, subject to receiving approval from FINRA.
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