Celebrity Entertainment undergoes reverse stock split.PALM BEACH, Fla.--(BUSINESS WIRE)--March 12, 1997--Celebrity Entertainment Inc. (Nasdaq:CLEB) at the close of business Tuesday Tuesday: see week. , March 11, 1997 underwent a reverse stock split on a 1-for-50 basis. Common shares commenced trading on a post-reverse split basis Wednesday Wednesday: see week. , March 12, 1997. For the next 20 business days, the company symbol will be CLEBD. In an information statement filed with the SEC and sent to all shareholders, the company previously announced that as a result of letters of consent provided by shareholders owning over 50% of the company's common stock, the company would cause a reverse split of its outstanding common stock on the basis of one new share of common stock for every 50 shares of existing common stock. As of March 11, 1997 there were 17,183,285 shares of common stock outstanding. The company believes that the resulting shares will reflect a more stabilized sta·bi·lize v. sta·bi·lized, sta·bi·liz·ing, sta·bi·liz·es v.tr. 1. To make stable or steadfast. 2. price and will establish a simpler platform for reporting future net revenues which are expected due to the company's operations and pending acquisition. Celebrity Entertainment has recently participated in equity financing Equity Financing The act of raising money for company activities by selling common or preferred stock to individual or institutional investors. In return for the money paid, shareholders receive ownership interests in the corporation. for the acquisition of radio stations as well as development and production of oil and gas properties. The company is currently engaged in the development, operation and ownership of a destination resort community located on Orange Lake, near Ocala Ocala (ōkăl`ə), city (1990 pop. 42,045), seat of Marion co., N central Fla.; inc. 1868. It is a trade and processing center for citrus fruit, vegetables, and truck farm goods. in central Florida
Central Florida is the central region of the United States state of Florida, on the East Coast. . CONTACT: Bennett & Co. Laura P. Bennett, 407/425-6040 |
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