The company’s board will decide within 30 days whether to implement the split.
ViryaNet (Nasdaq: VRYA) announced today that its board of directors would decide within the next 30 days whether to implement a reverse share split, in order to produce a price per share of $3-5.
Yesterday, ViryaNet’s Nasdaq-listed shares closed at $0.48. If the reverse share split is implemented, the number of ordinary shares subject to ViryaNet's warrants, options, and conversion rights will be appropriately adjusted.
ViryaNet said its shareholders approved resolutions to issue 889,618 shares as additional consideration for the purchase of iMedeon. The shareholders also approved an increase in ViryaNet's authorized share capital from 35 million to 42 million ordinary shares. The plans to issue additional shares to iMedeon and increase the company’s share capital were originally announced in March 2002.
ViryaNet provides wireless and Web-based software applications for workforce management. The company’s corporate engineering and R&D facilities are located in Jerusalem.
Published by Globes [online] - www.globes.co.il - on 23 April, 2002