Seven Arts Ent (SAPX) Announces 1-for-70 Reverse Split; Will Take Effect After After Market Close

August 31, 2012 1:24 PM EDT
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Seven Arts Entertainment Inc. (NASDAQ: SAPX) announced a 1-for-70 reverse split of its common stock effective as of 4:01p.m. EDT (immediately after the close of the market today).

The Company's new CUSIP number is 81783N 201. By virtue of the reverse split, every seventy shares of the Company's outstanding common stock will be combined and converted into one share of new common stock with resulting fractional shares rounded up to the next whole share. Seven Arts also announced that it will proportionately reduce the number of its authorized shares of common stock.

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This R/S wasn't approved by shareholders
Roger Gold on 2012-09-02 09:09:07
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This reverse split was supposed to be approved by shareholders in the upcoming meeting. How is it that they can suddenly "out of the blue" decide to execute the R/S without approval?

More info on this R/S there.

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