Optibase (OBAS) Announces 1-for-5 Reverse Split

September 24, 2012 12:48 PM EDT
Optibase Ltd. (NASDAQ: OBAS) today announced a 1-for-5 reverse share split of its ordinary shares.

The reverse share split was approved by the Company's board of directors and by its shareholders on July 2, 2012 and August 16, 2012, respectively.

The Company anticipates the reverse stock split to be effective on the open of business on September 27, 2012, and the Company's ordinary shares will begin trading on a split-adjusted basis on the NASDAQ Global Market as of such date.

The reverse share split ratio will be 1 for 5 and will reduce the number of outstanding ordinary shares of the Company to approximately 3.8 million shares. Fractional shares as a result of the reverse share split will be rounded up to the nearest whole number.

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