DCAP Group, Inc. (OTC BB: DCAP.OB), a large chain of independent storefront insurance agencies in the Northeast, announced that, based upon its previously announced reverse split of its common stock, its symbol will temporarily change to “DCAPD.”
The reverse split is being effected in connection with DCAP’s pending application to have its common stock listed on Nasdaq. A minimum stock price of $4.00 per share is a prerequisite for Nasdaq SmallCap listing.
The reverse stock split was effective as of the opening of trading on August 26, 2004. On a pre-split basis, DCAP has 12,562,487 shares of common stock outstanding. The reverse stock split reduced the number of shares of common stock outstanding to approximately 2,512,424, subject to adjustment for fractional interests.
DCAP also announced that, in connection with the reverse split, the number of authorized shares of common stock has been reduced to 10,000,000.
Topics New York
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