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Stock Market & Financial Investment News

News Breaks
October 27, 2011
08:02 EDTHNH, MLNKModusLink grants Handy & Harman exemption to tax benefit plan
ModusLink Global Solutions (MLNK) announced that its board has determined to grant Handy & Harman (HNH) together with BNS Holding and Steel Partners, an exemption to the company's tax benefit preservation plan, pursuant to Section 28 of the plan. This exemption allows the HNH Group, which currently owns approximately 10% of ModusLink's outstanding shares, to purchase in the open market additional shares up to an amount that would result in the HNH Group owning an aggregate of approximately 14.9% of the company's outstanding shares. The board granted this exemption following a comprehensive review of the HNH Group's letter dated October 19 requesting such a waiver. In reaching its decision, the board determined that granting such a waiver would have no adverse impact on the time period for the use of ModusLink's net operating losses tax assets or the availability of these assets to ModusLink. The company noted that no other stockholders have contacted ModusLink since the adoption of the plan to request similar exemptions.
News For MLNK;HNH From The Last 14 Days
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January 12, 2015
09:15 EDTMLNKModusLink announces reverse/forward stock splits
ModusLink Global Solutions will effect a reverse split of the company’s common stock, par value 1c per share, immediately followed by a forward stock split of the company’s common stock, which are intended to reduce the costs associated with servicing stockholder accounts holding relatively small numbers of shares of the company’s common stock. The ratio for the reverse stock split as approved by the company’s Board of Directors, and by the company’s Stockholders at the December 9, 2014 Annual Meeting of Stockholders, is fixed at 1-for-100 and the ratio for the forward stock split is fixed at 100-for-1. The reverse and forward stock splits are expected to be effective as of 5:00 p.m. and 5:01 p.m. Eastern Time, respectively, on January 16, 2015, subject to final approval by NASDAQ, with a market effective date of January 20. The company will arrange for the disposition of fractional share interests of stockholders who hold fewer than 100 shares immediately prior to the Reverse Split by having the company’s transfer agent aggregate such fractional share interests and sell the shares of Common Stock resulting from such aggregation in open market transactions following the effectiveness of the Forward Split. The company’s transfer agent will, following completion of the sale of all of the Aggregated Shares, pay to each registered stockholder who holds fewer than 100 shares of Common Stock immediately prior to the Reverse Split an amount, for each share of Common Stock held immediately prior to the Reverse Split, equal to the average per-share price received in the sale of the Aggregated Shares. The company’s transfer agent will limit the effect of the sales of Aggregated Shares on the market price of the company’s common stock by limiting its daily sales to 25% or less of the trailing 30-day average trading volume preceding the effective date. The company expects that approximately 1,000,000 of its outstanding shares of common stock will be fractionalized as a result of the reverse stock split and subsequently converted into the right to receive a cash payment in exchange for each pre-reverse stock split share.

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