Salon Media Seeks Holder Approval For Reverse Stock Split

Dow Jones Business News ^ | Wednesday August 7, 9:09 am Eastern Time | Dow Jones

[68skylark]

WASHINGTON -(Dow Jones)- Salon Media Group Inc. (SALNC) said it will ask its shareholders to approve a reverse split of the company's common stock at a ratio of 1-for-5 to 1-for-50.

According to a preliminary proxy statement filed Tuesday with the Securities and Exchange Commission, the company will also ask for approval to increase its authorized common shares to 100 million from 50 million shares.

Salon said it wants the reverse stock split to help it continue its common stock listing on the Nasdaq SmallCap Market by keeping a closing bid price of at least $1 a share for at least 10 consecutive trading days.

The exact ratio of the split will be determined by the board based on market conditions at the time of the reverse split.

The filing said the increase in common shares is being proposed so Salon will have shares available to raise additional capital, to acquire another company or its assets, to establish strategic relationships, to provide equity incentives to employees and officers, to permit future stock dividends, or for other general purposes.

The company also said it will ask shareholders to approve the issuance of common stock upon the conversion of convertible promissory notes or the exercise of warrants issued in a financing transaction July 24 that raised $714,039.

Salon shareholders as of Aug. 27 may vote on these proposals at the company's annual meeting Sept. 26 in San Francisco.

Shares of Salon closed trading Tuesday at 7 cents.

San Francisco-based Salon produces a network of subject-specific, demographically targeted Internet sites and a variety of online communities.

-Joanne McPike; Dow Jones Corporate Filings Alert; 202-628-7669; joanne.mcpike@dowjones.com

[68skylark]

funny

[BushMeister]

So if I had bought 100 shares of Salon, I might have 2 shares after the reverse split?!?

Just DIE already! DIE! DIE! DIE!!!

[martin_fierro]

[Dakmar]

Indexing

[StockAyatollah]

Would somebody please put this thing out of its misery!

[StockAyatollah]

Salon is a dot.zombie

[Seruzawa]

Well, at least they serve as a shining example of how popular commielibsmarxistleniniststalinhitlerism is on the Internet.

[Always Right]

Time to bring in Authur Anderson to fix this little problem.

[dighton]

Don't send an accountant on a doctor's job.

[dead]

Their stock performance is further proof that it has always been run behind the scenes by Democratic politicians.

[JennysCool]

Shares of Salon closed trading Tuesday at 7 cents.

Hilarious.

[RabidBartender]

Liberalism doesn't pay.



BWUAHAHAHAHAHAHAHAHAHAHA! 7 cents a share!

[mhking]

It's dead.

It's been dead for a very long time.

It just doesn't have enough sense to lay down.

[NotJustAnotherPrettyFace]

Shares of Salon closed trading Tuesday at 7 cents.

BWAHAHAHAHAHAHA!

[Grampa Dave]

Thanks!

Typical left wing socialist and maybe communist maggots messing around there at Salon.

Instead of trying to do something that might be positive for the stock, they want a reverse stock split.

This is like the Rat Governors in states which are going bankrupt wanting to raise taxes so they can increase the state budgets for more spending on the perverts who vote for them.

If left wing rat maggots couldn't tax conservatives and moderates, they would starve to death and live as street people until they starved. They have zero concept of reality.

[SamAdams76]