Per Rabin: " I know very well that most reverse splits are are, ahh......at least in the short term, value destructive...."
13. STOCKHOLDERS’ EQUITY TRANSACTIONS
On April 26, 2012, at the Annual Meeting of the Company’s Shareholders, the Company’s shareholders approved an amendment to the Certificate of Incorporation of the Company to effect a reverse stock split of the Company’s common stock, par value $0.001 per share, at a ratio not less than one-for-twenty and not greater than one-foreighty, and reduce the number of authorized shares of the Company’s common stock in the same proportion as the reverse split, with the exact ratio to be set within such range in the discretion of the Board of Directors without further approval or authorization of the Company’s shareholders, provided that the Board of Directors determines to effect the reverse stock split and proportional reduction in authorized shares of common stock and such amendment is filed with the Secretary of State of Delaware no later than December 31, 2012.
Rabin has been a value destroyer in a league of his own. His mistakes are the stuff of MBA case studies. Probably the biggest from a pps standpoint was his ludicrous announcement to do an RS way before he knew what was involved and how likely it was. Since the RS announcement the stock has tanked.
I have no problem with an RS, just the extremely premature announcement. And how much does this guy get paid?