Liquid Avatar Technologies (CSE:LQID)
Historical Stock Chart
From Jul 2019 to Jul 2024
![Click Here for more Liquid Avatar Technologies Charts. Click Here for more Liquid Avatar Technologies Charts.](/p.php?pid=staticchart&s=CNSX%5ELQID&p=8&t=15)
L Q Corporation, Inc. Announces Reverse and Forward Stock Splits
to Take Effect on or About July 19, 2004
NEW YORK, July 16 /PRNewswire-FirstCall/ -- L Q Corporation, Inc. (OTC:LQID)
(BULLETIN BOARD: LQID) (formerly Liquid Audio, Inc.) announced today that the
Company's 1-for-250 reverse stock split, to be immediately followed by a
35-for-1 forward split of the Company's Common Stock, will take place at the
close of business on or about July 19, 2004, with an effective date of June 8,
2004. The reverse and forward stock splits were approved by the stockholders
of the Company at the Company's 2003 Annual Meeting of the Stockholders. Any
fractional shares resulting from the 1-for-250 reverse stock split will be
converted into the right to receive cash equal to the sale price of the
fractional shares on the open market. The company's transfer agent will
deliver a letter of transmittal and related instructions to the stockholders or
their brokers/dealers, as applicable, in connection with the reverse and
forward stock splits.
As of June 7, 2004, there were approximately 23,176,858 shares of the Company's
Common Stock outstanding. After the effect of the reverse and forward stock
splits, approximately 3,190,180 shares of the Company's Common Stock will be
outstanding.
Safe Harbor Statement
This press release contains "forward-looking statements" within the meaning of
the federal securities laws and, as such, concerns matters that are not
historical facts. Such statements are not guarantees of future performance and
are subject to risks and uncertainties, including those set forth in the
Company's Form 10-K and other SEC filings, that could cause actual results to
differ materially from those expressed in such statements. The potential risks
and uncertainties may include, but are not limited to the following: (i) there
can be no assurance that the per share market price of the common stock
following the reverse stock split will rise or remain constant in proportion to
the reduction in the number of common stock; (ii) there can be no assurance
that the per share market price of the Company's common stock following the
reverse and forward stock splits will increase at all, and there can be no
assurance that the per share market price will not decrease after the reverse
and forward stock splits; (iii) if the Company does list on the Nasdaq National
Market, there can be no assurance that listing will increase the liquidity of
the Company's stock or the level of analyst coverage, or that the Company would
be able to comply with the continued listing requirements of the Nasdaq
National Market as listing on the Nasdaq National Market requires satisfaction
of a number of quantitative and qualitative criteria, such as requirements
related to the number of outstanding publicly held shares, the market value of
publicly held shares, the number of shareholders, the number of market makers
and corporate governance requirements,; and (v) there can be no assurance that
the reverse and forward stock splits will result in a per share price that will
attract institutional investors.
DATASOURCE: L Q Corporation, Inc.
CONTACT: Mel Brunt, Chief Financial Officer, L Q Corporation, Inc.,
+1-212-974-5730