Posted on 08/07/2002 8:39:35 AM PDT by 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
Just DIE already! DIE! DIE! DIE!!!
Hilarious.
It's been dead for a very long time.
It just doesn't have enough sense to lay down.
BWAHAHAHAHAHAHA!
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.