Minorplanet Systems USA Inc., a provider of telematics-based management solutions for commercial fleets, has announced that its stockholders approved a one-for-five reverse stock split of the company's common stock.
The reverse split will take effect before trading begins on Dec. 3, 2003. The reverse split will reduce the company's outstanding shares of common stock to approximately 9,669,832, from approximately 48,349,161 shares outstanding.
The purpose of the reverse stock split is to facilitate the continued listing of its common stock on the NASDAQ SmallCap Market.
There can be no assurance that the closing bid price for its common stock will remain at least $1 for 10 consecutive trading days even after Microplanet effects the one-for-five reverse stock split.
Headquartered in Richardson, Texas, Minorplanet currently markets its VMI fleet management technology in the Dallas/Fort Worth, Houston, Atlanta, Los Angeles and Austin, Texas, markets, with plans for expanding into other metro markets in the future.
The reverse split will take effect before trading begins on Dec. 3, 2003. The reverse split will reduce the company's outstanding shares of common stock to approximately 9,669,832, from approximately 48,349,161 shares outstanding.
The purpose of the reverse stock split is to facilitate the continued listing of its common stock on the NASDAQ SmallCap Market.
There can be no assurance that the closing bid price for its common stock will remain at least $1 for 10 consecutive trading days even after Microplanet effects the one-for-five reverse stock split.
Headquartered in Richardson, Texas, Minorplanet currently markets its VMI fleet management technology in the Dallas/Fort Worth, Houston, Atlanta, Los Angeles and Austin, Texas, markets, with plans for expanding into other metro markets in the future.
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