Optibase Ltd. Announces Reverse Share Split.
The reverse share split was approved by the Company's board of directors and by its shareholders on July 2, 2012 and August 16, 2012, respectively.
The Company anticipates the reverse stock split to be effective on the open of business on September 27, 2012, and the Company's ordinary shares will begin trading on a split-adjusted basis on the NASDAQ Global Market as of such date.
The reverse share split ratio will be 1 for 5 and will reduce the number of outstanding ordinary shares of the Company to approximately 3.8 million shares. Fractional shares as a result of the reverse share split will be rounded up to the nearest whole number.
Additional information on the reverse share split can be found in the Company's proxy statement furnished to the Securities and Exchange Commission on July 12, 2012.
Optibase invests in the fixed-income real estate field, currently holds properties in Switzerland and Miami, FL, USA and is currently looking for additional real estate investment opportunities. Optibase was previously engaged in the field of digital video technologies until the sale of its video solutions business to Optibase Technologies Ltd., a wholly owned subsidiary of VITEC Multimedia ("Vitec") in July 2010. For further information, please visit www.optibase-holdings.com.
This press release contains forward-looking statements concerning a prospective reverse share split. All statements other than statements of historical fact are statements that could be deemed forward-looking statements. All forward-looking statements in this press release are made based on management's current expectations which involve risks, uncertainties and other factors that could cause results to differ materially from those expressed in forward-looking statements. For a more detailed discussion of these and other risks that may cause actual results to differ from the forward looking statements in this news release, please refer to Optibase's most recent annual report on Form 20-F. The Company does not undertake any obligation to update forward-looking statements made herein.