Monaco Finance One-For Five Reverse Stock Split Effective Today
23 November 1998
Monaco Finance One-For Five Reverse Stock Split Effective Today
DENVER, CO--Nov. 23, 1998--Monaco Finance, Inc. , reported today that its stock will reflect a one-for-five reverse split upon the commencement of trading today. The Company's Board of Directors' approved the effectiveness of the reverse stock split on November 19, 1998. Monaco previously announced that its shareholders had approved the reverse split at a Special Meeting of Shareholders on November 12, 1998. As a result of the reverse split, total shares outstanding decreased to approximately 2.5 million shares.
In order to attain compliance with Nasdaq Stock Market listing criteria for the Small Cap Market, the Company is required to maintain a minimum bid price of $1.00 per share. As a condition for continued listing, Monaco shares must maintain or exceed the minimum bid price for the next ten days. The Company's shares will trade under ticker symbol "MONAD" for the next 20 trading days 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.