The board of directors Madison Bay Holdings Inc., a Seattle-based holding company engaged in the acquisition and merger of boat and RV manufacturers, held a special meeting on Dec.3 and approved a reverse stock split of 1,000 to 1 of the common shares of the company.
There is no change in the par value or other rights of the shareholders. The transfer agent, Holladay Stock Transfer, has been directed to demand and receive all certificates and issue new certificates in the ordinary course of business. The company has filed the reverse notification with the proper authorities, according to a news release.
After giving effect to the reverse split, the company will have approximately 212,001 common shares outstanding. The reverse split will affect all common shares of MDBH common stock, including those shares underlying stock options, warrants and convertible debentures outstanding immediately prior to the effective date of the reverse split.
Madison Bay Holdings Inc. owns all equipment, designs and trademarks of Summit Coaches, the RV division that specializes in manufacturing, marketing and selling upscale and feature-oriented RV trailers.