Mer Telemanagement Solutions Announces Completion Of Reverse Stock Split
RA'ANANA, Israel, March 3 /PRNewswire-FirstCall/ -- MTS - Mer Telemanagement Solutions Ltd. (Nasdaq Capital Market: MTSL), a global provider of business support systems (BSS) for comprehensive telecommunication management, telecommunications expense management (TEM) solutions and customer care & billing (CC&B) solutions, today announced that it's previously announced one-for-two reverse stock split became effective as of the opening of the market on March 2, 2010. The reverse stock split was authorized by the Company's shareholders at an extraordinary meeting held on February 25, 2010.
The reverse stock split is intended to increase the per share trading price of the Company's ordinary shares to satisfy the $1.00 minimum bid price requirement for continued listing on the NASDAQ Capital Market. As a result of the reverse stock split, every two ordinary shares of the Company that were issued and outstanding immediately prior to the opening of trading on March 2, 2010, were automatically combined into one issued and outstanding share, without any change in the par value of such shares. No fractional ordinary shares were issued as a result of the reverse stock split and any fractional shares were rounded up to the nearest whole number.
The Company' ordinary shares began trading on a split-adjusted basis when the market opened on March 2, 2010, under a new CUSIP number M69676 126. The Company's ordinary shares will trade under the symbol "MTSLD" for 20 days, to designate that it is trading on a post-reverse split basis. The ordinary shares will resume trading under the symbol "MTSL" after that 20-day period.
The Company has retained it's transfer agent, American Stock Transfer & Trust Company, to act as exchange agent for the reverse stock split. Shareholders of record as of the effective date will receive a letter of transmittal providing instructions for the surrender of their pre-reverse split share certificates. Shareholders owning shares via a broker or other nominee will have their positions automatically adjusted to reflect the reverse stock split and will not be required to take any action in connection with the reverse stock split.
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