Palm's Directors Call for Reverse Stock Split
The Board of Directors of Palm, Inc. has just unanimously approved and recommended to shareholders a proposal that would effect a reverse stock split of Palm's common stock. If approved by shareholders at the company's annual meeting in October, the Board would effect a split somewhere between one-for-ten to one-for twenty sometime before April 1, 2003. This means shareholders would exchange between 10 and 20 shares for 1 new one, which would be more valuable.
Palm shares have been below $2 for several months and this reverse stock split could jump that up to $15 to $30.
Palm's board believes this move is necessary as part of spinning PalmSource off as a separate company.
"Having the flexibility to effect a reverse stock split is another step toward creating two independent, well capitalized companies -- each a leader in its business," said Eric Benhamou, Palm chairman and CEO.
Thanks to Gavin Maxwell for the tip. -Ed
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