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Stock Market & Financial Investment News

News Breaks
January 29, 2013
12:00 EDTMLNKModusLink rises 30.1%
ModusLink is up 30.1%, or 66c, to $2.85
News For MLNK From The Last 14 Days
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January 12, 2015
09:15 EDTMLNKModusLink announces reverse/forward stock splits
ModusLink Global Solutions will effect a reverse split of the company’s common stock, par value 1c per share, immediately followed by a forward stock split of the company’s common stock, which are intended to reduce the costs associated with servicing stockholder accounts holding relatively small numbers of shares of the company’s common stock. The ratio for the reverse stock split as approved by the company’s Board of Directors, and by the company’s Stockholders at the December 9, 2014 Annual Meeting of Stockholders, is fixed at 1-for-100 and the ratio for the forward stock split is fixed at 100-for-1. The reverse and forward stock splits are expected to be effective as of 5:00 p.m. and 5:01 p.m. Eastern Time, respectively, on January 16, 2015, subject to final approval by NASDAQ, with a market effective date of January 20. The company will arrange for the disposition of fractional share interests of stockholders who hold fewer than 100 shares immediately prior to the Reverse Split by having the company’s transfer agent aggregate such fractional share interests and sell the shares of Common Stock resulting from such aggregation in open market transactions following the effectiveness of the Forward Split. The company’s transfer agent will, following completion of the sale of all of the Aggregated Shares, pay to each registered stockholder who holds fewer than 100 shares of Common Stock immediately prior to the Reverse Split an amount, for each share of Common Stock held immediately prior to the Reverse Split, equal to the average per-share price received in the sale of the Aggregated Shares. The company’s transfer agent will limit the effect of the sales of Aggregated Shares on the market price of the company’s common stock by limiting its daily sales to 25% or less of the trailing 30-day average trading volume preceding the effective date. The company expects that approximately 1,000,000 of its outstanding shares of common stock will be fractionalized as a result of the reverse stock split and subsequently converted into the right to receive a cash payment in exchange for each pre-reverse stock split share.

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