Progressive Gaming Completes Reverse Stock Split
September 17, 2008
Las Vegas-based Progressive Gaming International, supplier
of integrated casino and jackpot management systems, announced that the
share price for its outstanding common stock adjusted to the one-for-eight
reverse split effected after the close of trading on Monday.
Following the reverse stock split the company has approximately 10.8 million shares, inclusive of 2.1 million shares issuable pursuant to the convertible note debenture with International Game Technology (IGT) and approximately 0.8 million shares issuable under option and warrant agreements. The calculation does not include any contingent warrants or shares that may be issuable to Private Equity Management and IGT.
Following the reverse stock split, the number of total authorized shares of the company's common stock has been reduced to 12.5 million shares.
The company’s stock was up slightly to $4.25 at close on Wednesday.
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