Autobytel Inc. provides high quality consumer leads and associated marketing services to automotive dealers and manufacturers throughout the United States and offers consumers robust and original online automotive content to help them make informed car-buying decisions. The company pioneered the automotive internet in 1995 with its flagship website www.autobytel.com and has since helped tens of millions of automotive consumers research vehicles; connected thousands of dealers nationwide with motivated car buyers; and helped every major automaker market its brand online.
Computershare Trust Company is our transfer agent. Computershare Trust Company is responsible for maintaining all records of registered stockholders (including change of address and name), canceling or issuing stock certificates and resolving problems related to lost, destroyed or stolen certificates. If your shares are held in Street name, you will have to contact your broker for these services. You may contact the transfer agent at:
For Autobytel's common stock to continue to be quoted on The Nasdaq Capital Market, we must satisfy the Exchange's continued listing requirements, including a minimum closing bid price of at least $1.00 per share. On September 15, 2011, we were notified that Autobytel no longer satisfied this requirement, and, in accordance with the Nasdaq Listing Rules, we were granted 180 days to regain compliance. This initial grace period expired on March 13, 2012 without Autobytel regaining compliance with the minimum closing bid price requirement, and we were granted another 180-day period within which to satisfy the requirement, which expired on September 10, 2012.
The Company's primary objective in undertaking the reverse stock split was to increase the per share trading price of our common stock. Our Board believed that a higher price per share would better enable Autobytel to maintain its common stock listing on The Nasdaq Capital Market. The Board further believed that an increased stock price may encourage investor interest and improve the marketability of our common stock to a broader range of investors, thus enhancing its liquidity.
On June 21, 2012 at the Company's Annual Meeting of Stockholders, our stockholders approved an amendment to Autobytel's Certificate of Incorporation to effect a reverse split of the Company's common stock. Autobytel's Board of Directors fixed the ratio for the reverse split at 1-for-5, with an effective date of July 11, 2012 and trading on a post-reverse, split-adjusted basis on the Nasdaq Capital Market at the start of trading on July 12, 2012. Our common stock still trades under the symbol ABTL.
As a result of the reverse split, each five shares of Autobytel's issued and outstanding common stock were automatically combined and converted into one issued and outstanding share of our common stock. For example, if you owned 1,000 shares of Autobytel common stock, after the reverse stock split was effected, you owned 200 shares of Autobytel common stock.
No fractional shares were issued in connection with the reverse stock split. Stockholders who would otherwise hold a fractional share of our common stock received a cash payment in lieu of such fractional share based on the average closing price of our common stock for the five trading days prior to the effective date of the reverse stock split.
Additional information about the reverse stock split can be found in the Company's definitive Proxy Statement filed with the Securities and Exchange Commission on April 27, 2012, a copy of which is available here
If your shares are held in book-entry form or through a bank, broker or other nominee you did not need to take any action and should have seen the impact of the reverse stock split reflected in your account after July 12, 2012. Please call your bank, broker or nominee for additional information.
If your shares are held in certificate form, you are required to exchange your certificates for book-entry shares representing the shares of common stock resulting from the reverse stock split. Shortly after July 12, 2012, you should have received a Letter of Transmittal and instructions for exchanging your certificates from our exchange agent, Computershare Trust Company. Please contact Computershare for additional information.
For shareholder inquiries, including change of name, address or telephone number, canceling or issuing stock certificates, and resolving problems related to lost, destroyed or stolen certificates, please contact our transfer agent: