NEW YORK, Dec. 3, 2010 /PRNewswire-FirstCall/ -- EDCI Holdings, Inc. (Pink Sheets : EDCID ) (the "Company" or "EDCI"), today announced the final amount of shares that were cashed out in its split transaction as well as further details regarding a third dissolution distribution.
Based on information EDCI received from its exchange agent and the Depository Trust and Clearing Corporation, EDCI cashed out approximately 800,428 shares in the split transaction at $3.44 per share. In total, approximately $2.75 million was used to pay the cash out consideration in the split transaction. After the effectuation of the split transaction, EDCI has approximately 5,929,671 million shares of common stock outstanding. EDCI has completed all the regulatory steps necessary to effectuate the split transaction and is currently working with its transfer agent and the Depository Trust & Clearing Corporation to process the final settlement payments related to the split transaction.
The Company's Board of Directors has further approved a third dissolution distribution of $2.72 million or approximately $0.46 per share of EDCI's common stock outstanding after the effectuation of the split transaction. The Board of Directors has fixed December 8, 2010, as the record date for determining stockholders entitled to participate in the third dissolution distribution. The third dissolution distribution will be paid on December 17, 2010. This third dissolution distribution is primarily comprised of the $1.3 million of public costs EDCI is no longer required to reserve for as a result of the deregistration of EDCI's common stock under the Exchange Act and the portion of the $4.0 million that was reserved for implementation of the split transaction that was not used to cash-out stockholders.
EDCI's is also alerting shareholders that the Company's ticker symbol has been temporarily changed to "EDCID". The "D" will be removed 20 business days from December 1, 2010.
About EDCI Holdings, Inc.
EDCI Holdings, Inc. (Pink Sheets : EDCID ) is engaged in carrying-out its Plan of Complete Liquidation and Dissolution (the "Plan of Dissolution"), which was approved by EDCI's stockholders on January 7, 2010. EDCI is also the majority equity-holder of Entertainment Distribution Company, LLC ("EDC"), a European provider of supply chain services to the optical disc market. For more information, please visit www.edcih.com.
SOURCE EDCI Holdings, Inc.