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Coldwater sets meeting on proposed reverse split
Brad Carlson//August 3, 2012
Coldwater Creek Inc. stockholders are scheduled to meet Sept. 21 to consider a reverse split that would reduce the number of shares outstanding and raise the stock’s price, a move prompted by a regulatory warning. The meeting, announced in a regulatory filing Aug. 3, is set at the retailer’s headquarters in Sandpoint.
Stockholders of record July 31 are eligible to vote at the meeting, or earlier by proxy. They will vote on giving the board discretion to enact a reverse split of at least 1-for-3 and no more than 1-for-6. Stockholders would get one share in place of every three or six they own now, but the value of each share would be higher proportionately at the outset.
Coldwater on June 15 said Nasdaq warned its stock would be delisted if it didn’t hit $1 and stay there for at least 10 business days sometime before Dec. 11. The board announced its recommendation of a reverse split July 19.
The stock closed at 45 cents Aug. 3 compared to a one-year range between 45 cents and $1.83.
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