Board Sets 1 For 2 Ratio For Reverse Split Following Shareholder Approval
SANTA MONICA, Calif. – April 28, 2004 – Stamps.com (Nasdaq: STMP) announced today that its Board of Directors has set a 1 for 2 reverse split ratio following the approval of a reverse stock split proposal by the Company’s shareholders at the April 23, 2004 Annual Shareholders’ Meeting. Stamps.com’s common stock will begin trading on a reverse-split basis on May 12, 2004.
As a result of the reverse stock split, every 2 shares of Stamps.com common stock will be combined into one share of Stamps.com common stock. The reverse stock split affects all shares of common stock and stock options outstanding immediately prior to May 12, 2004. The Company will pay cash in lieu of fractional shares.
Shares of Stamps.com common stock will trade on The NASDAQ Stock Market under the symbol STMPD for 20 trading days after the reverse split goes into effect. After that period, trading will resume under the current symbol STMP.
Additional information regarding the reverse stock split can be found in Stamps.com’s annual proxy statement filed with the Securities and Exchange Commission. The proxy statement as well as any other documents filed by Stamps.com with the SEC, may be obtained free of charge at the Company’s web site at investor.stamps.com/edgar.cfm.
Stamps.com (Nasdaq: STMP) is a leading provider of Internet-based postage services. Stamps.com enables customers to print U.S. Postal Service-approved postage with just a PC, printer and Internet connection. The Company targets its services to small businesses and home offices, and currently has partnerships with companies including Microsoft, CompUSA, EarthLink, HP, NCR, Office Depot, Vendio and the U.S. Postal Service.
“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995: This release may contain forward-looking statements that involve risks and uncertainties. Important factors, including the Company’s ability to complete its products and obtain regulatory approval, which could cause actual results to differ materially from those in the forward-looking statements, are detailed in filings with the Securities and Exchange Commission made from time to time by Stamps.com, including its Annual Report on Form 10-K for the fiscal year ended December 31, 2003, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K. Stamps.com undertakes no obligation to release publicly any revisions to any forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
Stamps.com, the Stamps.com logo, NetStamps and Hidden Postage are trademarks or registered trademarks of Stamps.com Inc. All other brands and names are property of their respective owners.