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February 4, 2013
17:36 EDTIGOIiGo announces 1-for-12 reverse stock split, reduces workforce to save cost
iGO announced that it intends to effect a reverse split of its common stock at a ratio of 1-for-12. The reverse stock split, which was approved by the company's stockholders on January 25, will take effect on February 4. The stock will begin trading on a split-adjusted basis at the opening of markets on February 5. As a result of the reverse stock split, every 12 shares of common stock issued and outstanding prior to the opening of trading on February 5 will be consolidated into one issued and outstanding share. No fractional shares of common stock will be issued as a result of the reverse stock split, and any fractional shares will be paid in cash. The reverse stock split is intended to increase the per share trading price of the company's shares of common stock to satisfy the $1.00 minimum bid price requirement for continued listing on the NASDAQ Capital Market. The company also announced that it has implemented a number of cost-savings initiatives that have resulted in a reduction in its workforce and annual operating expenses.
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