Monaco Finance Shareholders Approve Reverse Stock Split
18 November 1998
Monaco Finance Shareholders Approve One-For-Five Reverse Stock Split
DENVER--Nov. 17, 1998--Nasdaq Formally Grants Conditional Small Cap Market Listing
for Company's Class A Common Stock
Monaco Finance, Inc. , reported today that its shareholders approved a one-for-five reverse stock split at a previously announced Special Meeting of Shareholders held on November 12, 1998.
The Nasdaq Stock Market has formally granted conditional Small Cap Market listing to Monaco's Class A Common Stock upon the effectiveness of the reverse stock split, which the Company expects to occur on or before November 23, 1998. However implementation of the reverse stock spilt remains subject to the review and approval of the Company's Board of Directors. Previously, a Nasdaq Listing Qualifications Panel had granted Monaco a temporary listing on the Nasdaq Small Cap Market until the Company attained shareholder approval for the aforementioned reverse stock split.
As a condition to continued listing on the Nasdaq Small Cap Market, the closing bid price of the Company's shares must meet or exceed $1.00 per share for a minimum of 10 consecutive trading days immediately following the effective date of the reverse stock split. The Company's shares will trade under ticker symbol "MONAD" for 20 trading days after the effective date of the reverse stock split and will revert to "MONFA" thereafter.
Monaco Finance, which is based in Denver and operates in 33 states, is one of the nation's most experienced secondary auto finance companies specializing in acquiring, from automobile dealerships, retail installment contracts of purchasers of new and late model automobiles. Monaco has developed sophisticated credit evaluation systems and state-of-the-art loan monitoring programs to provide a solid platform for future growth.
The forward-looking statements included herein are based on current expectations that involve numerous risks and uncertainties. Assumptions relating to the foregoing involve judgments with respect to, among other things, future economic, competitive and market conditions and future business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond the control of the Company. Although the Company believes that the assumptions underlying the forward looking statements are reasonable, any of the assumptions could be inaccurate and therefore, there can be no assurance that the forward looking statements included herein will prove to be accurate. In light of the significant uncertainties inherent in the forward looking statements included herein, the inclusion of such information should not be regarded as a representation by the Company or any other person that the objectives and plans of the Company will be achieved.