Internap Network Services Corp. (Nasdaq: INAP) says its stockholders have overwhelmingly approved a reverse stock split of its common and Series A preferred shares, subject to subsequent action by its board of directors.
The authorized range, in increments of five, is from 1-for-5 to 1-for-30, as recommended by the Internap’s board.
“Today’s stockholder action demonstrates strong support of Internap,” Greg Peters, president and chief executive officer of Internap, said in a statement. “In considering whether to effect the split, the board of directors will take into consideration all relevant factors, including our desire to maintain our Nasdaq listing and broaden our investor base.”
The decision to effect any stock split must be taken by the board no later than Sept. 17, 2003.
Founded in 1996, Internap is based in Atlanta. It offers intelligent routing services over the Internet in numerous markets throughout the United States, Europe and Japan.