Fox Petroleum Inc. has approved a 5 for 1 reverse stock split with a record date of April 16, 2008. Along with the reverse stock split, Fox Petroleum intends to implement a larger board of directors with a majority of independent directors. The reverse split and the increase to the Fox's board are intended to assist the Company in meeting the listing standards of the American Stock Exchange. There is no assurance that the Company will meet the listing standards of AMEX after effecting its proposed reverse split and increasing its board of directors, or that its securities will ever list on the AMEX exchange.
Richard Moore, Chief Executive Officer, said, "Fox's intends to seek a listing on AMEX to increase recognition of the stock with investors, and gain liquidity in a more efficient market in which to trade. This efficiency leads to better price stability and more difficulty for traders to short the stock, all of which are benefits we want for our shareholders. If the listing occurs, of which there is no assurance, we believe this will open up the Company to more opportunities to raise significant capital."
Most Popular Articles