Business
School Specialty Stockholders Approve a 7-for-1 Stock Split
School Specialty Stockholders Approve a 7-for-1 Stock Split.
About this update from School Speciality Inc
[{"type":"text","content":"\n\n GREENVILLE, Wis., Aug. 15, 2017 (GLOBE NEWSWIRE) -- School Specialty, Inc. (OTCQB:SCOO) (“School Specialty”, “SSI” or “the Company”), a leading distributor of supplies, furniture and both curriculum and supplemental learning resources to the education, healthcare and other marketplaces, announced that at its Special Meeting of Stockholders held today, on August 15, 2017, stockholders approved a proposal to amend the Company’s Amended and Restated Certificate of Incorporation to increase the number of authorized shares of common stock, par value $0.001 per share, from 2,000,000 to 50,000,000 shares (the “Amendment”) for the purpose of, among other things, effecting a seven-for-one forward stock split of the Company’s common stock as part of the Amendment.\n Stockholders of record as of August 15, 2017 (the “Record Date”) will receive from the Company’s transfer agent, American Stock Transfer & Trust Company, six additional common shares for every one share held. As of the Record Date, there were 1,000,004 shares of Common Stock outstanding and following the forward stock split, there will be 7,000,028 shares of Common Stock outstanding. The stock split will become effective on the OTCQB at the market open on August 23, 2017. Joseph M. Yorio, President and Chief Executive Officer, stated, “We continue to take action to improve liquidity in our stock. In April, we refinanced our debt at more favorable terms and with added flexibility. We are now moving forward with our stock split, and it remains our intent to seek an up-list on a major stock exchange. We look forward to reporting on our progress in the coming quarters and all of us at School Specialty remain focused on continuing to improve our business, generating top- and bottom-line growth, and driving returns for our shareholders.” About School Specialty, Inc.School Specialty is a leading distributor of innovative and proprietary products, programs and services to the education marketplace. The Company designs, develops, and provides educators with the latest and very best school supplies, furniture and both curriculum and supplemental learning resources. Working in collaboration with educators, School Specialty reaches beyond the scope of textbooks to help teachers, guidance cou...