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Salon Media Seeks Holder Approval For Reverse Stock Split
Dow Jones Business News ^ | Wednesday August 7, 9:09 am Eastern Time | Dow Jones

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


TOPICS: Business/Economy; Extended News; News/Current Events
KEYWORDS: salon; salondeathwatch
funny
1 posted on 08/07/2002 8:39:35 AM PDT by 68skylark
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To: 68skylark
So if I had bought 100 shares of Salon, I might have 2 shares after the reverse split?!?

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

2 posted on 08/07/2002 8:44:31 AM PDT by BushMeister
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To: 68skylark

3 posted on 08/07/2002 8:45:18 AM PDT by martin_fierro
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To: 68skylark; *Salon Deathwatch
Indexing
4 posted on 08/07/2002 8:48:12 AM PDT by Dakmar
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To: 68skylark
Would somebody please put this thing out of its misery!

Chart
5 posted on 08/07/2002 8:50:43 AM PDT by StockAyatollah
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To: BushMeister
Salon is a dot.zombie
6 posted on 08/07/2002 8:51:58 AM PDT by StockAyatollah
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To: 68skylark
Well, at least they serve as a shining example of how popular commielibsmarxistleniniststalinhitlerism is on the Internet.
7 posted on 08/07/2002 8:56:21 AM PDT by Seruzawa
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To: 68skylark
Time to bring in Authur Anderson to fix this little problem.
8 posted on 08/07/2002 9:00:04 AM PDT by Always Right
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To: Always Right
Don't send an accountant on a doctor's job.
9 posted on 08/07/2002 9:04:39 AM PDT by dighton
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To: 68skylark
Their stock performance is further proof that it has always been run behind the scenes by Democratic politicians.
10 posted on 08/07/2002 9:06:24 AM PDT by dead
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To: 68skylark
Shares of Salon closed trading Tuesday at 7 cents.

Hilarious.

11 posted on 08/07/2002 9:11:33 AM PDT by JennysCool
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To: StockAyatollah
Liberalism doesn't pay.



BWUAHAHAHAHAHAHAHAHAHAHA! 7 cents a share!
12 posted on 08/07/2002 12:31:31 PM PDT by RabidBartender
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To: 68skylark
It's dead.

It's been dead for a very long time.

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

13 posted on 08/07/2002 12:33:13 PM PDT by mhking
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To: 68skylark
Shares of Salon closed trading Tuesday at 7 cents.

BWAHAHAHAHAHAHA!

14 posted on 08/14/2002 6:27:56 PM PDT by NotJustAnotherPrettyFace
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To: 68skylark
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.
15 posted on 08/14/2002 10:33:22 PM PDT by Grampa Dave
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To: 68skylark

16 posted on 09/27/2002 4:49:20 PM PDT by SamAdams76
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