Design Within Reach Reverse Stock Split Effective; Trading on Adjusted Basis Begins Today
SAN FRANCISCO, Aug. 27 /PRNewswire-FirstCall/ -- Design Within Reach, Inc. (Pink Sheets: DWRI), a retailer of the world's largest collection of modern furniture, today announced that its board of directors and stockholders have approved a one-for-fifty reverse stock split of the Company's common stock. The Company's common stock will begin trading on a split-adjusted basis at the open of trading on Friday, August 27, 2010. No fractional shares will be issued in connection with the reverse stock split; any fractional shares will automatically be rounded up to the nearest whole share.
Upon the effectiveness of the reverse stock split, every fifty shares of the Company's issued and outstanding common stock will automatically be combined into one issued and outstanding share of common stock without any change in the par value of the shares. Following the completion of the reverse stock split, there will be approximately 5 million shares of common stock outstanding on a fully diluted basis.
It is expected that a "D" will be appended to the Company's ticker symbol to indicate the completion of the reverse stock split and that after a 20 trading-day period following the reverse stock split, the ticker symbol will revert to "DWRI".
About Design Within Reach, Inc.
Design Within Reach, Inc., founded in 1998 and headquartered in San Francisco, California, is the source for the best in modern design. The Company markets and sells its furniture and accessories to both residential and contract customers through its retail Studios in the United States and Canada, http://www.dwr.com/ and its San Francisco-based phone sales team at 1.800.944.2233.
SOURCE Design Within Reach, Inc.