Loral Space & Communications said Wednesday that it will seek shareholder approval to implement a reverse stock split at its annual meeting on May 29, 2003, in order to, among other things, restore the company’s compliance with New York Stock Exchange share price requirements.
Loral meets all other criteria for continued listing on the Exchange, including having a market capitalization well in excess of the minimum required.
The reverse stock split ratio of new shares to existing shares will be established and detailed in a proxy statement to be mailed to shareholders several weeks before the annual meeting.
The date for determining shareholders of record entitled to receive notice of, and to vote at, the annual meeting is April 1, 2003. The reverse stock split transaction will be promptly enacted upon shareholder approval.
As of January 31, 2003, there were 430,798,402 million shares of Loral Space & Communications common shares outstanding. Loral’s average daily trading volume in January was 2.3 million shares.
