Autobytel Announces Effectiveness of 1-for-5 Reverse Stock Split
IRVINE, Calif.--(BUSINESS WIRE)--
Autobytel Inc. (Nasdaq: ABTL), a leading provider of online
consumer purchase requests and marketing resources for the automotive
industry, today announced that the previously announced 1-for-5 reverse
split of the Company's common stock, $0.001 par value per share, took
effect after the close of trading on the NASDAQ Capital Market on July
11, 2012. The Company's common stock will begin trading on a reverse
stock split-adjusted basis on the NASDAQ Capital Market as of the
opening of trading on July 12, 2012. The common stock will continue to
be reported on the NASDAQ Capital Market under the symbol "ABTL," with
05275N205 as its new CUSIP number.
Upon the effectiveness of the reverse stock split, each five shares of
the Company's issued and outstanding common stock automatically combined
and converted into one issued and outstanding share of common stock, par
value $0.001 per share. The reverse stock split affected all issued and
outstanding shares of the Company's common stock, as well as common
stock underlying stock options, warrants and convertible notes
outstanding immediately prior to the effectiveness of the reverse stock
split. The reverse stock split reduced the number of outstanding shares
of the Company's common stock outstanding prior to the reverse stock
split from approximately 44.256 million to approximately 8.851 million.
The number of authorized shares of the Company's common stock was not
affected by the reverse stock split.
No fractional shares will be issued in connection with the reverse stock
split. Stockholders who would otherwise hold a fractional share of the
Company's common stock will receive a cash payment in lieu of such
fractional share based on the average per share closing price of the
common stock on the NASDAQ Capital Market for the five trading days
prior to the effective date of the reverse stock split, which is $0.78.
Stockholders with shares held in book-entry form or through a bank,
broker or other nominee are not required to take any action and will see
the impact of the reverse stock split reflected in their accounts after
July 12, 2012. Beneficial holders may contact their bank, broker or
nominee for more information. Stockholders with shares held in
certificate form are required to exchange their stock certificates for
book-entry shares representing the shares of common stock resulting from
the reverse stock split. Shortly after July 12, 2012, registered holders
who hold stock in certificate form will receive a Letter of Transmittal
and instructions for exchanging their certificates from the Company's
exchange agent, Computershare Trust Company, N.A.
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 at www.sec.gov
or at www.autobytel.com under the
SEC Filings tab located on the Investor Relations page.
About Autobytel Inc.
Autobytel Inc., an online leader
offering consumer purchase requests and marketing resources to car
dealers and manufacturers and providing consumers with the information
they need to purchase new and used cars, pioneered the automotive
Internet when it launched its flagship website, autobytel.com,
in 1995. Autobytel continues to offer innovative products and services
to help consumers buy, and auto dealers and manufacturers sell, more
used and new cars. Autobytel has 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. Through its flagship website, its network of automotive
sites and respected online affiliates, Autobytel continues its
dedication to innovating the industry's highest quality Internet
programs to provide consumers with a comprehensive and positive
automotive research and purchasing experience, and auto dealers, dealer
groups and auto manufacturers with some of the industry's most
productive and cost-effective customer referral and marketing programs.
Investors and other interested parties can receive Autobytel news
releases and invitations to special events by accessing our online
signup form at http://investor.autobytel.com/alerts.cfm
Forward-Looking Statements Disclaimer
The statements
contained in this press release that are not historical facts are
forward-looking statements under the federal securities laws. These
forward-looking statements by their nature address matters that are
uncertain. Investors are strongly encouraged to review the
company's Annual Report on Form 10-K for the year ended December 31,
2011, and other filings with the Securities and Exchange Commission for
a discussion of risks and uncertainties that could affect the business,
operating results or financial condition of Autobytel and the market
price of the company's stock. In addition, current year financial
information could be subject to change as a result of subsequent events
or the finalization of the company's financial statement close which
culminates with the filing of the company's Annual Report on Form 10-K
for the current year.
Autobytel Inc. Investor Relations
PondelWilkinson Inc.
Roger
Pondel/Laurie Berman
310-279-5980
investor@pondel.com
or
CMC
Group, Inc.
Bradley Orr
303-887-4932
borr@cmc-group.us
Source: Autobytel Inc.
News Provided by Acquire Media
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