FREMONT, Calif., Aug. 22 /PRNewswire-FirstCall/ -- Versant Corporation announced that, today, at Versant's 2005 annual shareholders' meeting, its shareholders approved an amendment to Versant's Articles of Incorporation to affect a 1-for-10 reverse split of Versant's outstanding common stock. The reverse stock split will be effective after the close of market on August 22, 2005, and the company's common stock will begin trading on a reverse split basis on August 23, 2005 under the symbol "VSNTD," for a period of 20 trading days. Thereafter, it will resume trading under the Company's original symbol "VSNT." As of July 6, 2005, Versant had 35,608,793 issued and outstanding common shares and, immediately following the reverse split, there will be approximately 3,560,879 shares of common stock issued and outstanding.
Fractional shares of stock will not be issued as a result of the reverse split and cash will be issued in lieu of fractional shares. Mellon Investor Services LLC is Versant's transfer agent and will act as the exchange agent for the purpose of implementing the exchange of stock certificates in connection with the reverse split. The exercise or conversion price and/or the number of shares of common stock issuable under the Company's outstanding warrants and options will be proportionately adjusted to reflect the reverse stock split. Additional information about the reverse stock split is available in Versant's definitive proxy statement filed with the Securities and Exchange Commission on July 21, 2005.
About Versant Corporation
Versant Corporation is an industry leader in specialized data management software. Using Versant's solutions, customers cut hardware costs, speed and simplify development, significantly reduce administration costs, and deliver products with a strong competitive edge. Versant's solutions are deployed in a wide array of industries including telecommunications, financial services, transportation, manufacturing, and defense. With over 50,000 installations, Versant has been a highly reliable partner for over 15 years for Global 2000 companies such as British Airways, US Government, Financial Times, IBM, and MCI. For more information, call 510-789-1500 or visit http://www.versant.com/.
NOTE: Versant is either a registered trademark or trademark of Versant Corporation in the United States and/or other countries. All other products are a registered trademark or trademark of their respective company in the United States and/or other countries.
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