Copernic Inc.: Special Shareholders' Meeting to Approve Share Consolidation
21 Juillet 2009 - 10:01PM
Marketwired
Copernic Inc. ("Copernic" or the "Company") (NASDAQ: CNIC)
announced today that it intends to seek shareholder approval to
complete a share consolidation on the basis of one (1) post
consolidation common share for every two (2) to ten (10)
pre-consolidation shares. The exact consolidation factor will be
determined at the discretion of the board of directors.
The proposed share consolidation is subject to shareholder
approval, and to this end, will be submitted for approval by the
shareholders at a special shareholders' meeting scheduled to take
place on Friday September 11, 2009 at 10 am at the offices of
Fasken Martineau DuMoulin at 800 Place Victoria, 37th Floor,
Montreal, Quebec. In addition to obtaining the requisite
shareholder approval, the proposed share consolidation is subject
to the ultimate discretion of the board of directors to implement
the share consolidation.
The objective of the share consolidation is to comply with
Nasdaq Capital Market's minimum bid price requirement. As
previously disclosed on April 16, 2009, the Company had failed to
meet the minimum bid requirement. However, Nasdaq had provided for
a temporary suspension to allow companies to comply with this
requirement. On July 13, 2009 the Company received another letter
from Nasdaq extending the temporary suspension, which means that
the Company has until September 30, 2009 to comply with the minimum
bid requirement for continued listing. Based on discussions with
the SEC, Nasdaq does not expect any further extensions of the
suspension.
In order to satisfy Nasdaq Capital Market's minimum bid price
requirement for continued listing, the Company's shares must trade
at the minimum bid price requirement for a minimum of ten
consecutive trading days.
Additional details regarding the proposed share consolidation
will be included in a management information circular that will be
distributed to shareholders in advance of the special shareholders'
meeting.
Mr, Marc Ferland, President and CEO of Copernic commented, in
relation to the proposed share consolidation, that "it is in the
best interests of all the shareholders for the company to maintain
its public listing."
About Copernic Inc.
Copernic Inc. specializes in developing, marketing and selling
cutting-edge search technology. They also provide innovative home
and business software products and solutions for desktop, web and
mobile users, through its online property www.copernic.com.
Statements contained in this press release, which are not
historical facts, are forward-looking statements as that term is
defined in the Private Securities Litigation Reform Act of 1995.
Such forward-looking statements are subject to risks and
uncertainties that can cause actual results to differ materially
from estimated results. Such risks and uncertainties are detailed
in the Company's filings with the Securities and Exchange
Commission and the Ontario Securities Commission. The Company
expressly disclaims any intent or obligation to update any
description of the scope, focus or subject matter of the statements
in this press release.
Contacts: Copernic Inc. Marc Ferland President and Chief
Executive Officer 418-527-0528 or Toll Free: 877-289-4682 #139
mferland@copernic.com www.copernic.com
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