Big City Bagels Announces a 1 for 5 Reverse Split.HICKSVILLE, N.Y.--(BUSINESS WIRE)--June 22, 1998--Big City Bagels, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on Small Cap: BIGC BIGC Beijing Institute of Graphic Communication (China) ) today announced that all items to be voted upon by shareholders at the annual meeting were approved. The Company also announced that it will effect a one-for-five reverse stock split of the Company's Common Stock (the "Reverse Split") effective 5:00 pm EDST EDST Eastern Daylight Savings Time EDST Extended Daylight Saving Time EDST Enterprise Desktop Support Technician EDST Edge-Disjoint Spanning Tree EDST Engineering Design System Technology (San Jose, California) on June 23, 1998. The post-Reverse Split Common Stock will begin trading on the Nasdaq SmallCap Market on June 24, 1998, under the trading symbol Trading symbol See: Ticker symbol BIGCD. The Common Stock will continue to trade for 20 business days under the symbol BIGCD after which time it will revert back to the trading under the symbol BIGC. The Company will be notifying all of its current Common Stockholders of the need to send their share certificates to the Company's Transfer Agent, Continental Stock Transfer And Trust Company, so that new certificates representing shares of post Reverse Split Common Stock can be issued. Holders of outstanding shares of the Company's Preferred Stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. will not be affected by the Reverse Split. The Reverse Split will affect the holders of each class of warrants outstanding insofar in·so·far adv. To such an extent. Adv. 1. insofar - to the degree or extent that; "insofar as it can be ascertained, the horse lung is comparable to that of man"; "so far as it is reasonably practical he should practice as the exercise price of each warrant will be adjusted upward by a factor of five and the number of shares of Common Stock issuable upon exercise of each warrant will be reduced by a factor of five. Big City Bagels, Inc. operates and franchises upscale bagel/deli cafes specializing in oversized o·ver·size n. 1. A size that is larger than usual. 2. An oversize article or object. adj. o·ver·size also o·ver·sized Larger in size than usual or necessary. , fresh-baked bagels, gourmet sandwiches, soups, salads, fresh baked breads and other breakfast and lunch products. Currently, products are distributed through 21 retail stores (6 Company-owned, 15 franchises) and wholesale food service/commercial outlets. This press release contains forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those set forth in the forward looking statements. Such risks and uncertainties are described in the Company's filings with the SEC, including its Prospectus dated July 9, 1997.
CONTACT: Big City Bagels, Inc.
Mark Weinreb, CEO
516/932-5050
or
Investor Relations/Media Contact:
Dian Griesel, Ph.D.
212/664-8489
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