Reverse Stock Splits to Ensure Minimum Bid Price for Nasdaq Listing

XO Holdings, Inc. PRE 14C on 11/17/10 (SEC file no. 0-30900)
OXiGENE, Inc. DEF14A on 11/12/10 (SEC file no. 0-21990)
Atrinsic, Inc. DEF14A on 10/25/10 (SEC file no. 1-12555)

Telecom services provider XO Holdings, which trades on the OTC Bulletin Board at a price per share below $1 for the past two years, intends to apply for listing on the Nasdaq Global Market.  In order to increase the minimum bid price of the common stock to above the $4 minimum bid price required to apply for listing, the XO board of directors on November 16 unanimously authorized an amendment to its certificate of incorporation to effect a one-for-twenty reverse stock split. The preliminary information statement reports that stockholders affiliated with XO chairman Carl C. Icahn who collectively own more than 50% of the total voting power of the outstanding capital stock have consented to the amendment, which under Delaware law is sufficient for approval. 

OXiGENE and Atrinsic already trade on the Nasdaq Global Market under the ticker symbols OXGN and ATRN, respectively.  Both issuers had received notice that for the last 30 consecutive business days, the bid price of the common shares closed below the minimum $1 per share requirement pursuant to Nasdaq Listing Rule 5450(a)(1) for continued inclusion on the Nasdaq Global Market.  In order to increase the market price per share and regain compliance with the minimum bid price requirement, OXiGENE and Atrinsic seek shareholder approval to amend their respective certificates of incorporation to effect a reverse stock split at the discretion of the board of directors at a ratio within a specified range.