Beginning Friday, July 6, ARTISTdirect's one-for-ten reverse stock split goes into effect for stockholders of record. For the next 20 trading days the shares will trade on NASDAQ under the symbol "ARTDD." Upon the 20-day expiration period, the shares will resume trading under the symbol "ARTD." After the reverse split, ARTISTdirect will have approximately 3.6 million shares of common stock outstanding, subject to reduction for fractional shares eliminated in connection with the reverse split.
In cases where the reverse stock split would result in a stockholder becoming the holder of a fractional interest in a share of common stock, ARTISTdirect will issue cash in lieu of the fractional share. Mellon Investor Services will oversee the exchange of certificates and payment of cash in lieu of fractional shares. At the end of trading on July 5, shareholders of record were to have received written notice regarding the procedure for exchanging their stock certificates.
