Crosswave Announces ADR Ratio Change.Business Editors/High-Tech Writers TOKYO--(BUSINESS WIRE)--Jan. 28, 2003 Crosswave Communications Inc. ("Crosswave", 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 :CWCI CWCI California Workers' Compensation Institute ), today announced that its Board of Directors has authorized a ratio change of its American Depositary Receipts American Depositary Receipt (ADR) Certificates issued by a US depository bank, representing foreign shares held by the bank, usually by a branch or correspondent in the country of issue. (ADRs) to enable the company to meet the minimum bid price requirement for maintaining its listing on the NASDAQ National Stock Market. The ratio will be changed from one ordinary share per two hundred ADRs to one ordinary share per twenty ADRs. Crosswave ADR ADR - Astra Digital Radio holders will be required to exchange their existing ADRs for new ADRs on the basis of one new Crosswave ADR for every ten existing Crosswave ADRs surrendered. The number of ordinary shares represented by each holding of ADRs will remain unchanged, except to the extent fractional ADRs result. As no fractional ADRs will be issued, any resulting fractional ADRs will be paid out in cash. The ratio change will be effective and begin trading at the new ratio on Tuesday, February 18, 2003, Eastern Standard Time.
Summary of the ratio change
Current ratio
1 ADR=1/200 of an ordinary share
New ratio
1 ADR=1/20 of an ordinary share
Effective date (the date on which trading will begin
at the new ratio)
February 18, 2003 (EST)
Additional information
ADR listing
NASDAQ (Listed on August 4, 2000)
Depositary for American Depositary Receipts
JPMorgan Chase Bank
ADR price
$0.60 (January 27, 2003 closing price)
Please see FAQ (Frequently Asked Questions) A group of commonly asked questions about a subject along with the answers. Vendors often display them on their Web sites for use as troubleshooting guidelines. on our Web site for your reference. http://www.cwc.co.jp/en/whatsnew/082.html About Crosswave Crosswave Communications Inc. (NASDAQ: CWCI) offers broadband data communication services on Japan's first nationwide fiber-optic network specifically designed and dedicated to data traffic. Crosswave was established in October 1998 by Internet Initiative Japan Inc. (IIJ IIJ Internet Initiative Japan IIJ Internet Initiative Japan Inc. (Internet Service Provider) IIJ Indo-Iranian Journal IIJ Is It Jazz (Boston band) , NASDAQ: IIJI IIJI Internet Initiative Japan, Inc. ), Sony Corporation and Toyota Motor Corporation with the goal of providing advanced, high-speed, cost-effective, end-to-end data communications data communications, application of telecommunications technology to the problem of transmitting data, especially to, from, or between computers. In popular usage, it is said that data communications make it possible for one computer to "talk" with another. services to customers in Japan and to take advantage of market growth and demand for broadband data communications networks. The statements within this release contain forward-looking statements about our future plans that involve risk and uncertainties. These statements may differ materially from actual future events or results. Readers are referred to the documents filed by Crosswave Communications Inc. with the SEC, specifically the most recent reports on Forms 20-F and 6-K, which identify important risk factors that could cause actual results to differ from those contained in the forward-looking statements. |
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