LINCOLN, Neb.--(BUSINESS WIRE)--Nebraska Book Holdings, Inc. (NBC) and its Board of Directors declared a 1-for-10,000 reverse stock split of the company's common stock, par value $0.001 per share, anticipated to take effect December 19, 2018. The reverse stock split will not alter any stockholder's percentage ownership interest in NBC, unless a fractional share would result. Any fractional shares of common stock will be paid in cash, based on an independent valuation obtained by NBC of $78.09 per post-split share.
The 1-for-10,000 reverse stock split will reduce the number of outstanding shares of the company's common stock from approximately 7.9 billion shares to approximately 790,000 shares. As a result of the reverse stock split, the number of authorized shares of common stock under the company's certificate of incorporation will be reduced to one million shares, and the number of authorized shares of preferred stock will be reduced to 100,000 shares. The par value of the common stock will remain unchanged at $0.001 per share.
To enact the reverse stock split, NBC will file an amendment to its certificate of incorporation reflecting the approved split ratio and the reduction in number of authorized shares. The reverse stock split may be abandoned at the Board’s discretion prior to effectiveness. The new CUSIP number for NBC’s common stock following the reverse stock split will be 63957L302. The primary purpose of the reverse stock split is to reduce NBC’s annual franchise tax payable to the State of Delaware.
Outstanding shares of NBC common stock are held in book entry form. Stockholders will not be required to take action to adjust their stockholdings to reflect the reverse stock split. Beneficial holders are encouraged to contact their bank, broker or custodian with questions.
About Nebraska Book Holdings (NBC)
NBC began in 1915 as an
independent college bookstore. The company is now a key resource and
consulting partner to over 2,000 college retailers nationwide, providing
textbook and technology solutions, supporting student success and
strengthen higher education retail across the United States, Canada and
the Caribbean. In addition to being one of North America’s largest
textbook distributors, NBC’s subsidiaries include PrismRBS, College
Store Design and Campus Advisory Services. For more information about
NBC visit http://nebook.com.
