Zippi Reverse Stock Split Leaves Investors With Penny Stock
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On February 17, 2009 Zippi board of directors and majority shareholders announced their approval of a 1000 to 1 reverse stock split.
This following shortly after a March, 2008 10-1 reverse stock split. Investors originally holding thousands of shares of Zippi stock checked their accounts to find 1 share remaining, trading at a fraction of a cent.
Said one investor, "I bought thousands of shares of Zippi stock based on the recommendation of a paid company consultant, who claimed that Ebay had invested $100,000 into the company. That turned out to be completely false, and just hype to pump the stock. I now have one ( 1 ) share remaining".
Robert A. Rositano Jr., CEO Zippi Networks, Inc., stated, "Zippi has been very fortunate in the development stages of our business to have built a loyal community of shareholders that believe in the Zippi offering".