Loudeye Announces One-For-Ten Reverse Stock Split
23 5월 2006 - 8:05PM
PR Newswire (US)
SEATTLE, May 23 /PRNewswire-FirstCall/ -- Loudeye Corp.
(NASDAQ:LOUD), a worldwide leader in business-to-business digital
media store services, today announced that it has effected a
one-for-ten reverse split of its common stock. Upon today's market
open, Loudeye's common stock will begin trading on a split-adjusted
basis under the trading symbol "LOUDD" for a period of 20 trading
days. The reverse stock split was approved by Loudeye's
stockholders at the 2005 annual meeting of stockholders on May 20,
2005. This reverse stock split is part of Loudeye's efforts to
maintain compliance with the continued listing requirements of the
Nasdaq Capital Market and to improve our overall equity structure.
The continued listing requirements for the Nasdaq Capital Market
require the Company to maintain a minimum bid of at least $1.00 per
share. As a result of the reverse split, every ten shares of
Loudeye's common stock that were issued and outstanding as of May
22, 2006, were automatically combined into one issued and
outstanding share without any change in the par value of such
shares. No fractional shares will be issued in connection with the
reverse stock split. Stockholders who would be entitled to
fractional shares will receive cash in lieu of receiving fractional
shares. As a result of the reverse split, the number of shares of
Loudeye's common stock issued and outstanding has been reduced from
approximately 132.6 million shares as of May 22, 2006, to
approximately 13.3 million shares post-split. Similarly, Loudeye's
authorized common stock of 250.0 million shares has been
proportionately reduced to 25.0 million shares. Stockholders who
hold their shares in brokerage accounts or "street name" will not
be required to take any action to effect the exchange of their
shares. Stockholders of record who hold physical certificates or
book-entry electronic shares registered with Loudeye's transfer
agent will receive a transmittal letter requesting that they
surrender their old stock certificates for new stock certificates
reflecting the adjusted number of shares as a result of the reverse
stock split. Mellon Investor Services, Loudeye's transfer agent,
will act as the exchange agent for purposes of implementing the
exchange of stock certificates. About Loudeye Corp. Loudeye is a
worldwide leader in business-to-business digital media solutions.
Loudeye combines innovative services with a broad catalog of
licensed digital music and an industry leading digital media
infrastructure, enabling partners to rapidly and cost effectively
launch complete, customized digital media stores and services. For
more information, visit http://www.loudeye.com/. Forward-Looking
Statements This release contains forward-looking information within
the meaning of the Private Securities Litigation Reform Act of
1995. The forward-looking statements in this release are based on
current estimates and actual results may differ materially due to
risks, including Loudeye's ability to maintain compliance with
Nasdaq listing requirements and other risks set forth in Loudeye's
most recent Form 10-Q, Form 10-K and other SEC filings which are
available through EDGAR at http://www.sec.gov/. These are among the
primary risks we foresee at the present time. Loudeye assumes no
obligation to update the forward-looking statements. DATASOURCE:
Loudeye Corp. CONTACT: Media/Public Relations, Karen DeMarco, , or
Gil Lee, , both of mPRm, +1-323-933-3399, for Loudeye; or
Media/Public Relations (Europe), Chris Owen of Trimedia PR, +44 (0)
207 471 6851 / +44 (0) 7787 122800, or , for Loudeye; or Investor
relations, Chris Pollak, +1-206-832-4000, or Web site:
http://www.loudeye.com/
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