Coldwater (CWTR) Approves One-for-Four Reverse Split
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Coldwater Creek (Nasdaq: CWTR) today announced that its board of directors has approved a 1-for-4 reverse stock split of its common stock.
The reverse split will become effective and Coldwater Creek common stock will begin trading on a split-adjusted basis when trading begins on October 4, 2012.
At its special meeting of stockholders held on September 21, 2012, Coldwater Creek's stockholders approved a proposal authorizing the Board of Directors to effect a reverse stock split of the Company's common stock, at a ratio within the range of not less than one-for-three and not more than one-for-six. Following the special meeting, the Board of Directors approved the reverse stock split on the basis of one share of post-split common stock for each currently outstanding 4 shares of pre-split common stock.
As a result of the reverse stock split, every four shares of common stock issued prior to the opening of trading on October 4, 2012 will be consolidated into one issued share. As of September 21, 2012, there were 122,014,121 shares of common stock outstanding. The reverse stock split will reduce the number of outstanding shares of common stock to approximately 30,503,530. No fractional shares of common stock will be issued as a result of the reverse stock split. Stockholders who would otherwise receive a fractional share will be paid in cash.
The number of shares of Series A Preferred outstanding will remain the same. However, the number of shares of Common Stock each share of Series A Preferred is convertible into will be adjusted proportionally.
Stockholders with shares held in book-entry form or through a bank, broker or other nominee are not required to take any action. Beneficial holders may contact their bank, broker or nominee for more information. Stockholders with shares held in certificate form are required to exchange their stock certificates for new certificates or book-entry shares representing the shares of common stock resulting from the reverse stock split. Shortly after October 4, 2012, registered holders who hold stock in certificate form will receive a Letter of Transmittal and instructions for exchanging their certificates from the Company's exchange agent, Computershare Trust Company, N.A.
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The reverse split will become effective and Coldwater Creek common stock will begin trading on a split-adjusted basis when trading begins on October 4, 2012.
At its special meeting of stockholders held on September 21, 2012, Coldwater Creek's stockholders approved a proposal authorizing the Board of Directors to effect a reverse stock split of the Company's common stock, at a ratio within the range of not less than one-for-three and not more than one-for-six. Following the special meeting, the Board of Directors approved the reverse stock split on the basis of one share of post-split common stock for each currently outstanding 4 shares of pre-split common stock.
As a result of the reverse stock split, every four shares of common stock issued prior to the opening of trading on October 4, 2012 will be consolidated into one issued share. As of September 21, 2012, there were 122,014,121 shares of common stock outstanding. The reverse stock split will reduce the number of outstanding shares of common stock to approximately 30,503,530. No fractional shares of common stock will be issued as a result of the reverse stock split. Stockholders who would otherwise receive a fractional share will be paid in cash.
The number of shares of Series A Preferred outstanding will remain the same. However, the number of shares of Common Stock each share of Series A Preferred is convertible into will be adjusted proportionally.
Stockholders with shares held in book-entry form or through a bank, broker or other nominee are not required to take any action. Beneficial holders may contact their bank, broker or nominee for more information. Stockholders with shares held in certificate form are required to exchange their stock certificates for new certificates or book-entry shares representing the shares of common stock resulting from the reverse stock split. Shortly after October 4, 2012, registered holders who hold stock in certificate form will receive a Letter of Transmittal and instructions for exchanging their certificates from the Company's exchange agent, Computershare Trust Company, N.A.
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