Autobytel Inc. (Nasdaq: ABTL), a leading provider of online consumer purchase requests and marketing resources for the automotive industry, today announced that at the Company’s Annual Meeting of Stockholders, the Company’s stockholders approved an amendment to the Company’s Certificate of Incorporation to effect a reverse split of the Company’s common stock, $0.001 par value per share, and authorized the Company’s Board of Directors to determine the ratio and the effective date of the reverse stock split. The reverse stock split proposal was approved by a vote of approximately 80% of the outstanding shares.
Following the annual meeting, the Board of Directors determined to fix the ratio for the reverse stock split at 1-for-5, with an expected effective date to be July 11, 2012 and trading on a post-reverse split-adjusted basis on the NASDAQ Capital Market to begin as of the opening of trading on July 12, 2012.
The common stock will continue to be reported on the Nasdaq Capital Market under the symbol “ABTL” (although Nasdaq will likely add the letter “D” to the end of the trading symbol for a period of 20 trading days to indicate that the reverse stock split has occurred). The common stock will have a new CUSIP number upon the reverse stock split becoming effective.
Upon the effectiveness of the reverse stock split, each 5 shares of the Company’s issued and outstanding common stock will be automatically combined and converted into one issued and outstanding share of common stock, par value $0.001 per share. The reverse stock split will affect all issued and outstanding shares of the Company’s common stock, as well as common stock underlying stock options, warrants and convertible notes outstanding immediately prior to the effectiveness of the reverse stock split. The reverse stock split will reduce the number of outstanding shares of the Company’s common stock currently outstanding from 44.3 million to approximately 8.9 million. The number of authorized shares of the Company’s common stock will not be affected by the reverse stock split.