Workstream (OTCBB:WSTM – News), a leading provider of human capital management software and services, announced today that its Board of Directors has approved a one-for-four hundred reverse stock split of Workstream common stock. The company anticipates the stock split will be effective after the close of business May 6, 2011. Workstream stockholders had authorized the Board of Directors to approve a reverse stock split at a ratio of between one-for-two hundred and one-for-four hundred at the company’s April 29, 2011 Annual Shareholder’s Meeting.
When the reverse stock split becomes effective, every four hundred shares of issued and outstanding Workstream 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. The number of authorized shares of the company’s common stock will also be proportionately reduced from 992,094,055 to 2,480,235.
No fractional share will be issued in connection with the reverse stock split. Stockholders who would otherwise hold a fractional share of the company’s common stock will receive a cash payment in lieu of such fractional share based upon the average closing bid prices of our common shares during each of the five traded days preceding the effective date of the reverse stock split.
About Workstream: Workstream provides a variety of solutions for recruitment, compensation planning, performance management, and talent management solutions and services that help companies manage the employee lifecycle. Workstream’s Talent Center enables employers to align their talent strategy with their business strategy. Solutions are offered as Software as a Service (SaaS.)