Business Context and Reporting Period
Company: Optical Cable Corporation
Filing Type: Form 8-K (Current Report)
Date of Report: July 30, 2002
Event: Approval and implementation of a 1-for-8 reverse stock split and reduction of authorized shares.
Key Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on corporate governance and capital structure changes.
- Shares Outstanding (Pre-Split): 55,431,279
- Authorized Shares (Pre-Split): 100 million
- Authorized Shares (Post-Split): 50 million
Material Changes
Shareholders approved a 1-for-8 reverse stock split at a Special Shareholders Meeting on July 30, 2002. The split became effective at 12:01 a.m. EDT on July 31, 2002, with trading commencing on a post-split basis that same day. The number of authorized shares was reduced from 100 million to 50 million.
Guidance, Outlook, and Unusual Items
The filing contains no management guidance, outlook, or discussion of risks and contingencies. The primary unusual item is the fractional share treatment: no fractional shares will be issued; instead, stockholders entitled to fractional shares will receive cash based on the average closing price of the common stock for the ten trading days prior to, but not including, the effective date of the split.
Investor Verification Checklist
- Verify the post-split share count and trading symbol on July 31, 2002.
- Confirm the cash payout amount for fractional shares based on the 10-day average closing price prior to July 31, 2002.
- Review the updated capitalization table to reflect the reduction in authorized shares to 50 million.