Reprints Desk, a wholly-owned subsidiary of Research Solutions, Inc. (RSSS), has announced that it has filed an application for listing its common shares on The NASDAQ Capital Market. The Company's proposed listing on The NASDAQ Capital Market is subject to review by NASDAQ and dependent upon the Company meeting all relevant quantitative and qualitative listing criteria of NASDAQ. No assurance can be given that the Company's application will be approved.
In order to meet the NASDAQ Capital Market's required minimum closing price of $3.00 per share in connection with the initial listing application, the board of directors has approved an amendment to the Articles of Incorporation, as amended, to effect a reverse stock split which combines the outstanding shares of our common stock into a lesser number of outstanding shares. If approved by the stockholders as proposed, the board of directors would have the sole discretion to effect the amendment and reverse stock split at any time prior to December 31, 2014, and to fix the specific ratio for the combination, provided that the ratio would be not less than 1-for-2 and not more than 1-for-8, with special treatment for certain of our stockholders to preserve round lot holders. The board of directors would also have discretion to abandon the amendment prior to its effectiveness.
The board of directors' primary reason for approving and recommending the reverse stock split is to increase the per share price of common stock to meet the listing requirements of the NASDAQ Capital Market.
