Bluefly Announces 1-for-10 Reverse Stock Split.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- Bluefly, Inc. (NASDAQ Capital Market Originally called the NASDAQ Small Cap Market, NASDAQ announced a name change to the NASDAQ Capital Market on September 27, 2005. [1] The NASDAQ Capital Market exists for securities of smaller, less-capitalized companies (small caps) that do not qualify for : BFLY BFLY Bluefly Inc. (stock symbol) ), a leading online retailer of designer brands, fashion trends and superior value (www.bluefly.com), today announced that its Board of Directors has approved a 1-for-10 reverse stock split of its Common Stock. The record date for the reverse stock split is April 3, 2008, and the reverse stock split will be effective as of the close of trading on the same date. On a pre-split basis, the Company currently has approximately 134.3 million shares of Common Stock outstanding, which will be reduced to approximately 13.4 million shares as a result of the split. The Company's stockholders previously authorized the Board to effect a reverse stock split of the Company's common stock within certain approved ranges. The reverse stock split is a key component to the Company's plan to regain compliance with the 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 minimum bid price requirement, which will be presented to the Nasdaq Listing Qualifications Panel at a hearing to be held on March 20, 2008. However, there can be no assurance the Panel will grant the Company's request for continued listing. In order to indicate the effect of the reverse stock split to the investment community, Nasdaq will amend the Company's ticker symbol Ticker Symbol An arrangement of characters (usually letters) representing a particular security listed on an exchange or otherwise traded publicly. When a company issues securities to the public marketplace, it selects an available ticker symbol for its securities which investors to "BFLYD" for a period of twenty trading days following the effective date. After such time, the Company's ticker symbol will revert to "BFLY." Stockholders will be receiving instructions regarding the process of exchange pre-split old common stock certificates for post-split new common stock certificates from the Company's transfer agent, American Stock Trust & Transfer. For more information regarding the reverse stock split, stockholders are urged to review the Proxy Statement Proxy Statement A document containing the information that a company is required by the SEC to provide to shareholders so they can make informed decisions about matters that will be brought up at an annual stockholder meeting. dated April 17, 2007. About Bluefly, Inc. Founded in 1998, Bluefly, Inc. (NASDAQ Capital Market: BFLY) is a leading online retailer of designer brands, fashion trends and superior value. Bluefly is headquartered at 42 West 39th Street in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. , in the heart of the Fashion District. For more information, please call 212-944-8000 or visit www.bluefly.com. |
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