Published: August 26, 2008
Irvine Sensors Announces Reverse Stock Split to be Effective Before Open of Market on August 27, 2008
COSTA MESA, Calif., Aug. 26 /PRNewswire-FirstCall/ -- Irvine Sensors
Corporation (Nasdaq: IRSN) announced today that a one-for-ten reverse split of
the Company's common stock will become effective as of 5:00 p.m. Pacific time
on August 26, 2008, and that the Company's common stock will begin trading on
a split-adjusted basis at the open of trading on the NASDAQ Capital Market on
Wednesday, August 27, 2008 under the temporary trading symbol "IRSND" in order
to inform the investment community of the reverse stock split. After twenty
trading days have elapsed, the trading symbol will revert to "IRSN." As a
result of the reverse stock split, the Company's stockholders will receive one
new share of the Company's common stock in exchange for every ten shares they
hold. BNY Mellon Shareowner Services has been retained to effect the exchange
of certificates. Stockholders of record as of 5:00 p.m. Pacific time on
August 26, 2008 will receive written notice regarding the procedure for
exchanging their stock certificates.
The primary purpose of the reverse split is to increase the per-share
trading price of the Company's common stock in order to regain compliance with
the NASDAQ Marketplace Rules for continued listing on the NASDAQ Capital
Market, although such an outcome cannot be guaranteed. On August 25, 2008, a
NASDAQ Listing Qualifications Hearings Panel granted the Company an extension
until September 17, 2008 to regain compliance with the $1.00 per share minimum
bid price continued listing requirement under the NASDAQ Marketplace Rules.
The reverse stock split is being effectuated by the filing of a
Certificate of Amendment of the Company's Certificate of Incorporation with
theDelaware Secretary of State, pursuant to stockholder authority granted at
the Company's Annual Meeting on July 30, 2008 and pursuant to Board approval.
No fractional shares of common stock will be issued in connection with the
reverse stock split. A holder of the old common stock who would have
otherwise been entitled to a fractional share of the new common stock will be
entitled to receive a cash payment for the fractional share interest. After
the reverse split, the Company will have approximately 3,146,447 shares of
common stock outstanding, subject to the elimination of fractional share
interests resulting from the reverse stock split.
Irvine Sensors Corporation (http://www.irvine-sensors.com), headquartered
inCosta Mesa, California, is a vision systems company engaged in the
development and sale of miniaturized infrared and electro-optical cameras,
image processors and stacked chip assemblies, the manufacture and sale of
optical systems and equipment for military applications through its Optex
subsidiary and research and development related to high density electronics,
miniaturized sensors, optical interconnection technology, high speed network
security, image processing and low-power analog and mixed-signal integrated
circuits for diverse systems applications.
SOURCE Irvine Sensors Corporation
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