Attached files
| file | filename |
|---|---|
| 8-K - ARBINET Corp | v188066_8k.htm |
| EX-3.1 - ARBINET Corp | v188066_ex3-1.htm |
| EX-10.1 - ARBINET Corp | v188066_ex10-1.htm |
EXHIBIT
99.1
ARBINET
CORPORATION ANNOUNCES ONE-FOR-FOUR REVERSE STOCK SPLIT
Stock
Will Begin Trading on a Split-Adjusted Basis on June 14, 2010
HERNDON, VA., June 11, 2010 -
Arbinet Corporation (NASDAQ: ARBX), a leading provider of telecommunications
services to fixed and mobile operators, today announced it filed a certificate
of amendment to implement a one-for-four reverse stock split of the Company’s
common stock. The reverse stock split, which was previously approved
by the Company’s Board of Directors and stockholders, will take effect at 5:00
pm EDT on Friday, June 11, 2010. Trading of Arbinet’s common stock on
the NASDAQ Global Market will continue, on a reverse stock split-adjusted basis,
with the opening of the markets on Monday, June 14, 2010.
The Board
believes that the reverse stock split will improve the marketability of
Arbinet’s common stock by making it more attractive to a broader range of
investors. Arbinet stockholders will receive one new Arbinet share
for every four shares that they held prior to the split, and will receive cash
in lieu of any fractional shares. As a result of the reverse stock
split, the number of shares of the Company’s common stock outstanding will be
reduced from approximately 22 million to approximately 5.5 million
shares. In addition, the certificate of amendment, as approved by the
Company’s Board of Directors and stockholders and filed, reduced the total
number of authorized shares of common stock from 60 million shares to 15 million
shares.
To
indicate that the reverse stock split has occurred, a “D” will be added to the
Company’s trading symbol, such that post-split common stock will trade under the
symbol “ARBXD” beginning on June 14, 2010 for a period of 20 trading days, after
which the Company’s common stock will resume trading under the symbol
“ARBX.” The CUSIP number for the Company’s post-split common stock
will be 03875P 40 7.
The
Company has retained Registrar and Transfer Company (R&T) to act as its
exchange agent for the reverse split. As soon as practicable, R&T
will provide registered holders with a letter of transmittal providing
instructions for the exchange of their certificates. The shares owned
by beneficial holders (who hold their shares in “street name”) will
automatically be adjusted to reflect the reverse stock split, subject to
brokers’ particular processes.
For more
information regarding the Company’s reverse stock split, please refer to the
definitive proxy statement filed by the Company with the Securities and Exchange
Commission on May 15, 2009.
About
Arbinet Corporation
Arbinet
is a leading provider of international voice and IP solutions to carriers and
service providers globally. With more than 1,100 carriers across the world
utilizing the Arbinet network, Arbinet combines global scale with sophisticated
platform intelligence, call routing and industry leading credit management and
settlement capabilities. Customers and suppliers include many leading fixed
line, mobile, wholesale and VoIP carriers as well as calling card, ISPs and
content providers around the world who buy and sell voice and IP
telecommunications capacity and content. The Company can be reached at its
corporate headquarters in Herndon, VA at (703) 456-4100 or by email at
sales@arbinet.com.
Forward-Looking
Statements
This
press release contains forward-looking statements within the meaning of the U.S.
Private Securities Litigation Reform Act of 1995. Any statements in this release
regarding Arbinet’s business that are not historical facts may be considered
“forward-looking statements.” The forward-looking statements in this
press release are based on information available at the time the statements are
made and/or management's belief as of that time with respect to future events
and are subject to substantial risks and uncertainties that could cause actual
results and outcomes to be materially different. For a further
discussion of the risks and uncertainties Arbinet faces, please refer to Part I,
Item 1A of Arbinet’s Annual Report on Form 10-K, for the year ended December 31,
2009, filed with the Securities and Exchange Commission (SEC) on March 17, 2010
and other periodic and current filings that have been made with the SEC, which
are available at www.sec.gov. Undue
reliance should not be placed on forward-looking statements, which speak only as
of the date they are made. Arbinet undertakes no obligation to update any
forward-looking statements to reflect new information, events or circumstances
after the date they are made, or to reflect the occurrence of unanticipated
events.
Contacts:
Gary
Brandt, Chief Financial Officer
Arbinet
Corporation
(703)
456-4140
Andi
Salas / Aaron Palash
Joele
Frank, Wilkinson Brimmer Katcher
(212)
355-4449