Attached files
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| 8-K - Protagenic Therapeutics, Inc.\new | v204796_8k.htm |
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FOR
IMMEDIATE RELEASE
|
CONTACT:
|
Thomas
Plotts
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December2,
2010
|
CFO
|
|
|
212-716-1977
ext 222
|
Atrinsic,
Inc. Announces 1-for-4 Reverse Stock Split
NEW YORK–(December 2, 2010)
–Atrinsic, Inc. (NASDAQ: ATRN), a marketer of direct to consumer subscription
products and an Internet search-marketing agency, announced todaythat it will
effect a 1-for-4 reverse stock split of its common stock, effective at the end
of business today. Trading of Atrinsic’s common stock on the NasdaqGlobal Market
on a split-adjusted basis will begin at the open of trading on December3,
2010.
On
December 1, 2010, Atrinsic’s stockholders approved an amendment to its
RestatedCertificate of Incorporation, as amended,to implement a reverse stock
split of shares of its common stock issued and outstanding at a ratio to be
established by Atrinsic's Board of Directors in its discretion of between
1-for-1.5 and 1-for-4. The Board of Directors approved a 1-for-4
split.
The
reverse stock split is intended to enable the per share trading price of
Atrinsic’s common stock to satisfy the minimum bid price requirement for
continued listing set forth in NASDAQ Marketplace Rule 5550(a)(2). As previously
announced, Atrinsic has until December 20, 2010 to regain compliance with the
minimum bid price requirement. To regain compliance, the closing bid price of
Atrinsic’s common stock must meet or exceed $1.00 for at least ten consecutive
trading days prior to December 20, 2010.
As a
result of the reverse stock split, every four shares of Atrinsic will be
combined into one share of common stock. Immediately after the December 2, 2010
effective date, Atrinsic will have 6,269,328 shares issued and outstanding
(excluding treasury stock).
Fractional
shares resulting from the reverse stock split will be canceled and the
stockholders otherwise entitled to fractional shares will receive a cash payment
in an amount equal to the product obtained by multiplying (i) the closing sale
price of our common stock on December 2, 2010, which was $0.42 by (ii) the
number of shares of our common stock held by the stockholder that would
otherwise have been exchanged for the fractional share interest.
Atrinsic’s
shares will continue to trade on the NasdaqGlobal Market under the symbol "ATRN"
with the letter "D" appended to the trading symbol until January 3, 2011 to
indicate that the reverse stock split has occurred.
Letters
of transmittal are expected to be sent to stockholders of record shortly after
the effective date of the reverse stock split. Additional information about the
reverse stock split is contained in Atrinsic’s proxy statement for the Annual
Meeting of Stockholders held on December 1, 2010, which was filed with the SEC
on October 25, 2010.
About
Atrinsic and
Kazaa
Atrinsic,
Inc. is a marketer of direct-to-consumer subscription products and an Internet
search-marketing agency. Atrinsic sells entertainment and lifestyle subscription
products directly to consumers, which are marketed through the Internet.
Atrinsic also sells Internet marketing services to its corporate and advertising
clients. Atrinsic has developed its marketing media network, consisting of web
sites, proprietary content and licensed media, to attract consumers, corporate
partners and advertisers. Atrinsic believes its marketing media
network and proprietary technology allows it to cost-effectively acquire
consumers for its products and for its corporate partners and
advertisers.
Kazaa is
a subscription-based digital music service that gives users unlimited access to
hundreds of thousands of CD-quality tracks. For a monthly fee users can download
unlimited music files and play those files on up to three separate computers and
download unlimited ringtones to a mobile phone. Unlike other music services that
charge you every time a song is downloaded, Kazaa allows users to listen to and
explore as much music as they want for one monthly fee, without having to pay
for every track or album. Consumers are billed for this service on a monthly
recurring basis through a credit card, landline, or mobile device. Royalties are
paid to the rights’ holders for licenses to the music utilized by this digital
service. Atrinsic and Brilliant Digital, Inc. jointly offer the Kazaa
digital music service pursuant to a Marketing Services Agreement and a Master
Services Agreement between the two companies.
Atrinsic,
Inc.
Thomas
Plotts, 212-716-1977 ext 222
CFO
Investor
contact
John
Baldissera
BPC
Financial Marketing
800-368-1217
###