Chyron to hold special shareholders meeting
Chyron Corporation intends to hold a special shareholders
meeting in New York City in late August 2007, following the mailing in
early August of a proxy statement to shareholders of record. The purpose of the meeting will be to take steps
to qualify its common stock on the American Stock Exchange LLC (AMEX),
where the Company has recently applied for listing. The shareholders
will be asked to authorize a reverse stock split of the Company’s issued
common stock in order to meet the listing requirements of the AMEX.
There can be no assurance that the application will be approved.
Michael Wellesley-Wesley, Chyron President and CEO commented, “We
believe that listing on the AMEX will improve the liquidity and
stability of our common stock, and will broaden the audience of
potential institutional purchasers, many of whom cannot buy shares
listed on the Electronic Bulletin Board. The wider audience will be, we
believe, a benefit to our shareholders.”
The ratio of the reverse stock split will be determined during the
application listing process, but is characterized in the proxy as
between one (1) share in exchange for two (2) shares, and one (1) share
in exchange for four (4) shares.
The Company said that an amendment increasing the number of shares in
its 1999 Incentive Compensation Plan will also be considered at the