Copernic (CNIC) Shareholders Approve Consolidation of the Company's Issued and Outstanding Shares
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Copernic Inc. (NASDAQ: CNIC) announced that its shareholders approved the consolidation of the Company's issued and outstanding shares during the special shareholders' meeting held on September 11, 2009.
Pursuant the consolidation resolution, the Company's articles of incorporation would be amended in order to consolidate the Company's issued and outstanding shares. The consolidation factor chosen by the Company is seven (7). No fractional shares will be issued and those shareholders who otherwise would be entitled to receive fractional shares will have their post-consolidation shareholdings rounded up to the next whole common share. The new CUSIP number for the shares following the consolidation will be 21727W206. The consolidation will be effective as of the opening of markets, on September 14, 2009.
The purpose of the consolidation is to allow the Company to achieve compliance with the NASDAQ Capital Market's minimum bid requirement for continued listing as discussed in a previous press release dated July 21, 2009 and in the management information circular for the special shareholders' meeting dated August 10, 2009. [SM]
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