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TheStreet Open House

NetSol Technologies Unveils Fiscal 2013 Outlook On Increased Deal Flow; Completes 1-for-10 Reverse Stock Split

Stocks in this article: NTWK

"Throughout the past year we expanded our delivery footprint in the Asia pacific region, giving customers and prospects increased confidence, and as a direct result, have won a number of new contracts, several of which were signed late in the fourth quarter," said Ghauri.  "Adding to that, we also have a number of potential new customers who have already expressed interest in our Next Generation cloud-based leasing solution, which bodes well for us as we move to launch the product over the next few months."

Reverse Stock Split Completed

NetSol's Board of Directors approved the proposed reverse stock split following shareholder approval received at the company's annual meeting held on August 6, 2012, and the 1-for-10 reverse split of NetSol's common stock took effect at 5 p.m. Eastern Time on August 12, 2012.

NetSol's common stock will begin trading on the NASDAQ Capital Market on a split-adjusted basis at the opening of trading this morning, with 64115A402 as its new CUSIP number.  The company expects that NASDAQ will append a "D" to the ticker symbol, "NTWKD," to indicate the completion of the reverse split for a period of 20 days.

The reverse stock split affected all issued and outstanding shares of the company's common stock, as well as common stock underlying stock options, restricted stock units, and warrants immediately prior to the effectiveness of the reverse stock split.  The reverse stock split reduced the number of shares of the company's common stock outstanding to approximately 7.5 million and the number of authorized shares of the company's common stock became approximately 15.0 million.

No fractional shares will be issued in connection with the reverse split.  Stockholders who would otherwise hold a fractional share of the company's common stock will receive a cash payment in lieu of such fractional share based the closing sale price of the company's common stock on the business day immediately preceding the effective date of the reverse split as reported on the NASDAQ Capital Market, which is $0.45

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