Zurück
COMMERCEPLANET INC (U-CPNE) - News Release
Commerce Planet Announces Plan to Apply for a National Exchange Listing
2007-10-22 13:37 ET - News Release
Shareholder Meeting and Release of Third Quarter 2007 Results are Scheduled for November 13, 2007
GOLETA, Calif. -- (Business Wire)
Commerce Planet, Inc. (OTCBB:CPNE) announced that its Board of Directors unanimously approved and are recommending to stockholders a proposal that would give the Board of Directors authority, at its discretion, to effect a reverse split of the Company's common stock in order to successfully apply for a national exchange listing.
Stockholders will be asked to approve the stock split proposal at the Annual Meeting of Stockholders. Assuming stockholder approval for the reverse stock split is obtained, the Company intends to file an application for the listing of its common stock on the NASDAQ Capital Market or the AMEX.
“The decision to approve a reverse stock split is the proper step to ensure our corporate structure is positioned to enhance the long-term value of our company,” stated Mr. Michael Hill, CEO of Commerce Planet. “We believe a share consolidation and a national capital market listing will greatly benefit our current and future shareholders by increasing exposure to retail and institutional investors and better positioning the Company to obtain analyst coverage.”
The following are benefits that management believes will be realized through a share consolidation and national exchange listing:
National Trading Eligibility in all Fifty U.S. States - Currently, as a bulletin board company Commerce Planet’s shares are restricted from trade in several U.S. States. A national exchange listing will broaden the retail investor base eligible to invest in Commerce Planet.
Institutional Investment Eligibility – Several institutional investors have investment guidelines that prohibit investment in bulletin board stocks. A national exchange listing will broaden the institutional investor base eligible to invest in Commerce Planet.
Market Research and Coverage – Many research firms and individual analysts have coverage guidelines that prohibit initiating coverage for bulletin board companies. A national exchange listing will increase Commerce Planet’s eligibility for analytical market coverage.
Enhanced Trading Platform – It has been expressed by potential investors that the current OTC Bulletin trading platform is difficult to utilize and is a barrier to market trading. The national exchange platform increases market appeal to both retail and institutional traders.
Public Investment Psychology - It has been expressed by potential investors that current investor psychology is opposed to investment in a sub-dollar stock. Based upon this opinion, management is of the belief that a reverse split will place Commerce Planet stock at a more desirable price point.
Market Specialist – Currently, Commerce Planet does not have the benefit of a market specialist that actively trades their stock. If listed on a national exchange, Commerce Planet will have market makers in conjunction with the achievement of their national listing.
The Company’s Annual Shareholder meeting is scheduled for November 13, 2007, at 9:00 a.m., in Santa Barbara, California. On the same day, the Company intends to announce its results for the third quarter, 2007 as well. A live presentation will be conducted by the Company’s CEO to review the third quarter results, the current status of Commerce Planet and its 2008 initiatives. The presentation will be webcast live via the Company’s website at www.commerceplanet.com, Investor Relations. An archive of the webcast will be available within 24 hours of the end of the event.
Commerce Planet Announces Plan to Apply for a National Exchange Listing
2007-10-22 13:37 ET - News Release
Shareholder Meeting and Release of Third Quarter 2007 Results are Scheduled for November 13, 2007
GOLETA, Calif. -- (Business Wire)
Commerce Planet, Inc. (OTCBB:CPNE) announced that its Board of Directors unanimously approved and are recommending to stockholders a proposal that would give the Board of Directors authority, at its discretion, to effect a reverse split of the Company's common stock in order to successfully apply for a national exchange listing.
Stockholders will be asked to approve the stock split proposal at the Annual Meeting of Stockholders. Assuming stockholder approval for the reverse stock split is obtained, the Company intends to file an application for the listing of its common stock on the NASDAQ Capital Market or the AMEX.
“The decision to approve a reverse stock split is the proper step to ensure our corporate structure is positioned to enhance the long-term value of our company,” stated Mr. Michael Hill, CEO of Commerce Planet. “We believe a share consolidation and a national capital market listing will greatly benefit our current and future shareholders by increasing exposure to retail and institutional investors and better positioning the Company to obtain analyst coverage.”
The following are benefits that management believes will be realized through a share consolidation and national exchange listing:
National Trading Eligibility in all Fifty U.S. States - Currently, as a bulletin board company Commerce Planet’s shares are restricted from trade in several U.S. States. A national exchange listing will broaden the retail investor base eligible to invest in Commerce Planet.
Institutional Investment Eligibility – Several institutional investors have investment guidelines that prohibit investment in bulletin board stocks. A national exchange listing will broaden the institutional investor base eligible to invest in Commerce Planet.
Market Research and Coverage – Many research firms and individual analysts have coverage guidelines that prohibit initiating coverage for bulletin board companies. A national exchange listing will increase Commerce Planet’s eligibility for analytical market coverage.
Enhanced Trading Platform – It has been expressed by potential investors that the current OTC Bulletin trading platform is difficult to utilize and is a barrier to market trading. The national exchange platform increases market appeal to both retail and institutional traders.
Public Investment Psychology - It has been expressed by potential investors that current investor psychology is opposed to investment in a sub-dollar stock. Based upon this opinion, management is of the belief that a reverse split will place Commerce Planet stock at a more desirable price point.
Market Specialist – Currently, Commerce Planet does not have the benefit of a market specialist that actively trades their stock. If listed on a national exchange, Commerce Planet will have market makers in conjunction with the achievement of their national listing.
The Company’s Annual Shareholder meeting is scheduled for November 13, 2007, at 9:00 a.m., in Santa Barbara, California. On the same day, the Company intends to announce its results for the third quarter, 2007 as well. A live presentation will be conducted by the Company’s CEO to review the third quarter results, the current status of Commerce Planet and its 2008 initiatives. The presentation will be webcast live via the Company’s website at www.commerceplanet.com, Investor Relations. An archive of the webcast will be available within 24 hours of the end of the event.
