Hanover Direct Announces Pending Completion of Reverse Split and Related Matters
September 20 2004 - 6:26PM
PR Newswire (US)
Hanover Direct Announces Pending Completion of Reverse Split and
Related Matters EDGEWATER, N.J., Sept. 20 /PRNewswire/ -- Hanover
Direct, Inc. (AMEX:HNV) today announced that it anticipates that
the amendment to the Company's Amended and Restated Certificate of
Incorporation to effect the one-for-ten reverse stock split of the
Company's common stock, par value $0.66-2/3 per share (the "Common
Stock"), and the reduction of the authorized number of shares of
Common Stock from 300,000,000 to 30,000,000 (the "Reverse Split"),
and certain related amendments will be effected at the close of
business on Wednesday, September 22, 2004. At the Annual Meeting of
Stockholders of the Company held on August 12, 2004, the Company's
shareholders approved the Reverse Split as well as amendments to
the Company's Certificate of Incorporation to (1) reduce the par
value of each share of Common Stock from $0.66-2/3 per share to
$0.01 per share and reclassify the outstanding shares of Common
Stock into such lower par value shares; (2) increase the number of
shares of Additional Preferred Stock which the Company would have
authority to issue from 5,000,000 shares to 15,000,000 shares and
make a corresponding change to the aggregate number of shares of
all classes of stock in the aggregate which the Company would have
authority to issue; and (3) after giving effect to the Reverse
Split, increase the number of shares of Common Stock which the
Company would have authority to issue from 30,000,000 shares to
50,000,000 shares and make a corresponding change to the aggregate
number of shares of all classes of stock in the aggregate which the
Company would have authority to issue. All of such amendments to
the Company's Certificate of Incorporation are anticipated to take
effect with the Reverse Split at the close of business on September
22, 2004 following the filing of a Certificate of Amendment to the
Company's Amended and Restated Certificate of Incorporation with
the Secretary of State of the State of Delaware. Shareholders will
be receiving a letter of transmittal and related instructions from
American Stock Transfer and Trust Company, the Company's transfer
agent, shortly regarding the actions they need to take with respect
to the Reverse Split. Stockholders with questions concerning the
Reverse Split should contact Shareholder Relations at American
Stock Transfer and Trust Company at 800-937-5449. About Hanover
Direct, Inc. Hanover Direct, Inc. (AMEX:HNV) and its business units
provide quality, branded merchandise through a portfolio of
catalogs and e-commerce platforms to consumers, as well as a
comprehensive range of Internet, e-commerce, and fulfillment
services to businesses. The Company's catalog and Internet
portfolio of home fashions, apparel and gift brands include
Domestications, The Company Store, Company Kids, Silhouettes,
International Male, Scandia Down, and Gump's By Mail. The Company
owns Gump's, a retail store based in San Francisco. Each brand can
be accessed on the Internet individually by name. Keystone Internet
Services, LLC (http://www.keystoneinternet.com/ ), the Company's
third party fulfillment operation, also provides the logistical, IT
and fulfillment needs of the Company's catalogs and web sites.
Information on Hanover Direct, including each of its subsidiaries,
can be accessed on the Internet at http://www.hanoverdirect.com/ .
DATASOURCE: Hanover Direct, Inc. CONTACT: Charles Blue, S.V.P.
& Chief Financial Officer of Hanover Direct, Inc., +1-201-
272-3389; or Rich Tauberman of MWW Group, +1-201-507-9500, for
Hanover Direct, Inc. Web site: http://www.hanoverdirect.com/
http://www.keystoneinternet.com/
Copyright
Hanover Direct (AMEX:HNV)
Historical Stock Chart
From Jun 2024 to Jul 2024
Hanover Direct (AMEX:HNV)
Historical Stock Chart
From Jul 2023 to Jul 2024