Sonic Foundry (SOFO) Approves 1-for-10 Reverse Stock Split
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Sonic Foundry, Inc. (Nasdaq: SOFO) has authorized a one-for-ten reverse stock split of its common stock. The reverse split will be effective at 6:01 p.m. ET on November 16, 2009. The reverse stock split affects all issued shares of the Company's common stock outstanding immediately prior to the effectiveness of the reverse stock split. The number of shares reserved for issuance under Sonic Foundry's equity compensation plans will also be reduced proportionately.
Sonic Foundry's common stock will start trading on a split-adjusted basis on the NASDAQ Capital Market at market open on November 17, 2009. Letters of transmittal are expected to be sent to stockholders shortly thereafter.
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