Wednesday, June 10, 2009

Callwave to Delist Stock

San Francisco-based Callwave, a provider of Web-based collaboration software services, said this morning that it has notified the Nasdaq Stock Market that it will voluntarily delist its common stock. The firm said it expects the last day the firm's stock will trade will be around June 29. CallWave said it decided to delist and deregister its stock, as a cost saving step--reducing the expenses associated with its Nasdaq listing. Callwave said it would effect a reverse, 1-for-5,000 stock split of its common stock, and cash out fractional shares of the firm based on its average closing price per share for its last ten trading days, or $1.15. The firm said that it would then implement a forward 5,000-for-1 stock split. The firm said those moves are meant to reduce its stockholders to fewer than 300, to enable it to deregister its stock and stop filing SEC reports.