The stockholder-approved action will enable Stratus to buy about 70,000 shares from about 5,500 registered stockholders who own 50 shares or less. The per share buyout will be based on the average daily closing price for the 10 days preceding the effective date.
Stratus is advising stockholders who fall into the category to contact their agents to determine if their shares are part of the transaction. No fractional shares will be issued in the forward stock split. Shareholders will own half of the number of common stock as a result of the pre-reverse/forward action. Fractional share payment is predicated on an amount equal to the cash value, based on the average daily closing price, which results from the forward split.
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