COSTA MESA--- Irvine Sensors Announces Reverse Stock Split to be Effective Before Open of Market Today
Irvine Sensors Corporation (NASDAQ:IRSN) announced today that a one-for-ten reverse split of the Company's common stock will become effective as of 5:00 p.m. Pacific time on August 26, 2008, and that the Company's common stock will begin trading on a split-adjusted basis at the open of trading on the NASDAQ Capital Market on Wednesday, August 27, 2008 under the temporary trading symbol "IRSND" in order to inform the investment community of the reverse stock split. After twenty trading days have elapsed, the trading symbol will revert to "IRSN." As a result of the reverse stock split, the Company's stockholders will receive one new share of the Company's common stock in exchange for every ten shares they hold. BNY Mellon Shareowner Services has been retained to effect the exchange of certificates. Stockholders of record as of 5:00 p.m. Pacific time on August 26, 2008 will receive written notice regarding the procedure for exchanging their stock certificates.
The primary purpose of the reverse split is to increase the per-share trading price of the Company's common stock in order to regain compliance with the NASDAQ Marketplace Rules for continued listing on the NASDAQ Capital Market, although such an outcome cannot be guaranteed. On August 25, 2008, a NASDAQ Listing Qualifications Hearings Panel granted the Company an extension until September 17, 2008 to regain compliance with the $1.00 per share minimum bid price continued listing requirement under the NASDAQ Marketplace Rules.
The reverse stock split is being effectuated by the filing of a Certificate of Amendment of the Company's Certificate of Incorporation with the Delaware Secretary of State, pursuant to stockholder authority granted at the Company's Annual Meeting on July 30, 2008 and pursuant to Board approval. No fractional shares of common stock will be issued in connection with the reverse stock split. A holder of the old common stock who would have otherwise been entitled to a fractional share of the new common stock will be entitled to receive a cash payment for the fractional share interest. After the reverse split, the Company will have approximately 3,146,447 shares of common stock outstanding, subject to the elimination of fractional share interests resulting from the reverse stock split.
Irvine Sensors Corporation (http://www.irvine-sensors.com/), headquartered in Costa Mesa, California, is a vision systems company engaged in the development and sale of miniaturized infrared and electro-optical cameras, image processors and stacked chip assemblies, the manufacture and sale of optical systems and equipment for military applications through its Optex subsidiary and research and development related to high density electronics, miniaturized sensors, optical interconnection technology, high speed network security, image processing and low-power analog and mixed-signal integrated circuits for diverse systems applications.