Thwapr, Inc. (OTC:THWI), a service for mobilizing and monetizing branded video content, today announced that the Board of Directors of the Company has approved a 3-for-1 common stock split. Shareholders of record on February 4, 2011 will receive two additional shares for each share held.The stock split will be effected in the form of a stock dividend which will be paid in newly issued common stock to stockholders subject to approval of the stock split by FINRA. As of January 24, the Company had 17,345,265 shares of common stock outstanding. After the stock split, the Company will have approximately 52,035,795 shares of common stock outstanding.
Commenting on the split, Bruce Goldstein, Thwapr's CEO, stated, "After several discussions with advisers and various institutional investors, the board elected to enact a 3 for 1 forward stock split of its common shares. The board determined this decision to be in the best interest of the Company and its shareholders as it will decidedly expand the number of shares in the marketplace and serve as an intent for ongoing discussions with institutional investors. The existing shareholders have earned this reward through their continued investment support of the Company this past year. We are excited to enter 2011 with many promising developments and look forward to providing continual announcements as these developments come to fruition."
Founded in 2007, Thwapr is a mobile video sharing service that allows brands to mobilize and monetize content, extending its distribution reach while delivering the highest possible quality and user experience regardless of device, network or carrier.
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