LOS GATOS, Calif., Dec. 17, 2015 /PRNewswire/ -- CoSine Communications, Inc. ("CoSine") (Other OTC: COSN), today announced that subsidiaries of Steel Partners Holdings L.P. ("Steel Partners"), which together own approximately 80.3% of CoSine's common stock, $0.0001 par value per share (the "Common Stock"), have adopted resolutions by written consent, in lieu of a meeting of stockholders, to approve previously announced amendments to CoSine's Fourth Amended and Restated Certificate of Incorporation, as amended (the "Certificate of Incorporation"), to (a) effect a 1-for-80,000 reverse stock split of CoSine's Common Stock (the "Reverse Stock Split") such that stockholders owning fewer than 80,000 shares of CoSine's Common Stock will have such shares cancelled and converted into the right to receive $4.40 for each share of Common Stock held prior to the Reverse Stock Split, and (b) effect, immediately following the Reverse Stock Split, a 80,000-for-1 forward stock split of CoSine's Common Stock (the "Forward Stock Split," and together with the Reverse Split, the "Reverse/Forward Split"). As the Forward Stock Split ratio is the inverse of the Reverse Stock Split ratio, if a stockholder holds, at the effective time of the Reverse Split, at least 80,000 shares of Common Stock, any fractional share resulting from the Reverse Stock Split will not be cashed out and the total number of shares held by such holder will not change as a result of the Reverse/Forward Split.read more
