Tile Shop Holdings Approves 1-for-3000 Reverse Stock Split
Tile Shop Holdings announced that, at the special meeting of stockholders of the Company held on December 3 the requisite stockholders of the Company approved an amendment to the certificate of incorporation of the Company, as amended to effect a reverse stock split of the Company's common stock at a ratio not less than 1-for-2,000 and not greater than 1-for-4,000. Following the approval of the Company's stockholders at the Special Meeting, the Company's Board of Directors approved a ratio of 1-for-3,000 for the Reverse Stock Split followed immediately by a 3,000-for-1 forward stock split of the Company's common stock. Stockholders who hold fewer than 3,000 shares immediately prior to the Reverse Stock Split will be paid $6.60 in cash, without interest, for each whole share of the Company's common stock held by them at the effective time of the Reverse Stock Split, and thereafter they will no longer be stockholders of the Company. As previously announced, the Company is undertaking the Stock Splits in connection with the proposed delisting of its common stock from The Nasdaq Stock Market and the deregistration of its common stock under Section 12 of the Securities Exchange Act of 1934, as amended, to avoid the substantial cost and expense of being a public reporting company and to allow the Company to have more time to focus on managing the Company's businesses and undertaking new initiatives that may result in greater long-term growth and increased stockholder value. The Company anticipates savings exceeding $2.4M on an annual basis as a result of the proposed deregistration and delisting.
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