United Online, Inc. (Nasdaq:UNTD) today announced that it has successfully completed the separation of FTD Companies, Inc. (“FTD”) from United Online, Inc. (“United Online”) through a tax-free dividend involving the distribution of all FTD common stock held by United Online to United Online’s stockholders. In addition, United Online also announced the completion of a one-for-seven reverse stock split of United Online shares. Under the terms of the distribution and the reverse stock split:
- United Online stockholders were distributed one share of FTD common stock for every five shares of United Online common stock they held as of the close of business on October 10, 2013, the record date, effective as of 12:01 a.m. Eastern Daylight Time (“EDT”) on November 1, 2013 (prior to giving effect to the reverse stock split of United Online shares).
- United Online effected a one-for-seven reverse stock split of United Online common stock at 11:59 p.m. EDT on October 31, 2013.