OVERLAND PARK, Kan., Nov. 30, 2011 /PRNewswire/ -- YRC Worldwide Inc. (NASDAQ: YRCW) announced the preliminary results of its Annual Meeting of Stockholders held today, November 30, 2011, in Overland Park, Kan. During the meeting, security holders authorized the company's board of directors to effect a reverse stock split of YRC Worldwide's common stock and to proportionately reduce the number of authorized shares of common stock with the ratio and timing of implementation of the reverse stock split
at the discretion of the company's board of directors.
The company plans to amend its certificate of incorporation on December 1, 2011 to implement a reverse stock split with a ratio of 1:300. The reverse stock split will be effective on the NASDAQ exchange on December 2, 2011, at which time the company's ticker symbol will temporarily change from "YRCW" to "YRCWD" in accordance with NASDAQ rules. The ticker symbol will revert back to "YRCW" on January 3, 2012. The reverse stock split will reduce the number of authorized common shares to approximately 33.3 million from the current 10 billion and reduce the number of outstanding common shares to approximately 6.8 million from the current approximately 2 billion.
"The reverse stock split is an important step in bringing the company into compliance with NASDAQ listing rules and enhances our position as a publicly held company," said James Welch, chief executive officer of YRC Worldwide. "Now we can focus our attention on serving our customers and providing them with exceptional service."
At the meeting, security holders also approved the election of seven members of the company's board of directors; the company's 2011 Incentive and Equity Award Plan; (by non-binding vote) the compensation paid to the company's named executive officers, as described in the company's proxy statement, and a proposal to provide security holders with an advisory vote on named executives' compensation every year; and the ratification of the appointment of KPMG LLP as the company's independent registered public accounting firm for 2011.
The final voting results will be disclosed in a current report on Form 8-K to be filed with the Securities and Exchange Commission after the voting results are certified by an independent inspector of elections.
Forward Looking Statements
This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The words "plans," "will," "bringing" and similar expressions are intended to identify forward-looking statements.
The company's expectations regarding its ability to satisfy NASDAQ listing requirements for minimum bid price of the company's common stock are only its expectations regarding this matter. The closing bid price of the company's common stock depends on many factors, including without limitation, actual or expected fluctuations in the company's operating results, changes in general economic condition or conditions in the company's industry generally, changes in conditions in the financial markets and the effect of any issuance of additional shares of the company's common stock.
About YRC Worldwide
YRC Worldwide Inc., a Fortune 500 company headquartered in Overland Park, Kan., is a leading provider of transportation and global logistics services. It is the holding company for a portfolio of successful brands including YRC, YRC Reimer, Holland, Reddaway, New Penn and Glen Moore, and provides China-based services through its Jiayu and JHJ joint ventures. YRC Worldwide has one of the largest, most comprehensive less-than-truckload (LTL) networks in North America with local, regional, national and international capabilities. Through its team of experienced service professionals, YRC Worldwide offers industry-leading expertise in heavyweight shipments and flexible supply chain solutions, ensuring customers can ship industrial,
commercial and retail goods with confidence. Please visit www.yrcw.com for more information.
Web site: www.yrcw.com
Follow YRC Worldwide on Twitter: http://twitter.com/yrcworldwide
Investor Contact: Paul Liljegren
Media Contact: Suzanne Dawson
Linden, Alschuler & Kaplan
SOURCE YRC Worldwide Inc.