This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

MAM Software Group, Inc. Submits Rule 10b-17 Notification On Forward/Reverse Stock Split

Stocks in this article: MAMS

BARNSLEY, England, March 16, 2011 /PRNewswire/ -- MAM Software Group, Incorporated (OTC Bulletin Board: MAMS), a software, information, and related services company in the automotive aftermarket sector, has given notice to the Financial Industry Regulatory Authority, (FINRA), pursuant to Rule 10b-17 of the Securities and Exchange Act of 1934, that effective March 24, 2011 at 6:00 p.m. Eastern time, the company will effect a reverse split of its issued and outstanding common stock on the basis of one share of common stock to be issued for each 100 shares issued and outstanding, and that, immediately after the reverse split, at 6:01 p.m. Eastern time, the company will effect a forward split of its issued and outstanding common stock on the basis of 10 shares of common stock to be issued for each share issued and outstanding.  

There are approximately 139,153,000 shares of the company's common stock currently issued and outstanding.  Once both the reverse and forward splits are effected, there will be approximately 13,915,300 shares of common stock issued and outstanding, without taking in consideration the rounding up of fractional shares.  Holders of less than one share after the reverse split will be paid cash in exchange for their fractional shares.  One whole share will be issued in place of each fractional share that results from the forward split.  

Either new certificates of common stock will be issued or cash payments will be made in connection with the reverse/forward split; in either case, record shareholders will be requested to return their share certificates by mail in order to receive new certificates or cash payments, as applicable.  

At the 2011 annual meeting of shareholders held on February 18, 2011, the holders of a majority of the company's common stock approved an authorization for the company's Board of Directors, at its discretion, to effect a reverse stock split of the company's common stock at a ratio of between 2-to-1 and 100-to-1 with the exact exchange ratio to be determined by the Board, in its sole discretion, and immediately thereafter, to effect a forward split of the Corporation's outstanding common stock, at an exchange ratio ranging between 1-to-2 and 1-to-50, with the exact exchange ratio to be determined by the Board in its sole discretion.  

The authorization was approved with 93,885,407 shares voted in favor, 110,170 shares voted against and 4,356 shares abstained. With over 67% of the outstanding common stock voting in favor, the proposal was approved.  

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,164.95 -251.90 -1.45%
S&P 500 1,994.99 -26.26 -1.30%
NASDAQ 4,635.24 -48.1670 -1.03%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs