ATLANTA-Following a brief extension of its previously announced exchange offer from Wednesday night to Thursday morning, Sprint PCS affiliate AirGate PCS Inc. said its shareholders approved the issuance of new shares and implementation of a one-for-five reverse split of its common stock that were conditions for the completion of the proposed exchange offers.
AirGate also announced it has accepted for exchange all of its outstanding discount notes that were validly tendered and not withdrawn prior to the expiration of the exchange offers and related consent solicitations, adding it had received tenders and consents from holders representing more than 99 percent of the outstanding discount notes.
The exchange offers are excepted to occur on Feb. 20, while the reverse stock split is scheduled for Feb. 13 with anticipated trading on a post-split basis beginning on Feb. 17. AirGate’s stock was trading down more than four percent early Thursday at $3.56 per share.
