HOUSTON, TX – ExpressJet Holdings, Inc. announced today that its stockholders approved a 1:10 reverse stock split of its common stock. The reverse stock split, as previously announced, is part of ExpressJet’s continuing efforts toward improving liquidity for its stockholders. The 1:10 reverse split will allow ExpressJet to immediately return to trading on all NYSE Group platforms and return to compliance with the continued listing standards of the New York Stock Exchange once the six-month cure period expires on January 18, 2009.
As a result of the reverse stock split, every 10 shares of ExpressJet common stock will be combined into one share of ExpressJet common stock and be traded under a new CUSIP, 30218U306. ExpressJet’s common stock will begin trading on a split-adjusted basis when the market opens on October 2, 2008. ExpressJet will continue to trade under the same symbol, XJT. The reverse stock split affects all shares of common stock and stock options of ExpressJet outstanding immediately prior to the effective time of the reverse stock split. ExpressJet will pay cash in lieu of fractional shares, as required.
Important Additional Information Regarding the Reverse Stock Split Has Been Filed with the SEC.
In connection with the reverse stock split, the company has filed a definitive proxy statement with the Securities and Exchange Commission (the “SEC”). INVESTORS AND SECURITY HOLDERS ARE ADVISED TO READ THE DEFINITIVE PROXY STATEMENT BECAUSE IT CONTAINS IMPORTANT INFORMATION ABOUT THE REVERSE STOCK SPLIT. Investors and security holders may obtain a free copy of the definitive proxy statement and other relevant documents filed with the SEC from the SEC’s website at http://www.sec.gov/. The company’s security holders and other interested parties are also able to obtain, without charge, a copy of the definitive proxy statement and other relevant documents by directing a request to http://www.expressjet.com/.
The company and its directors, executive officers and other members of its management and employees may be deemed to be participants in the solicitation of proxies from the company’s shareholders with respect to the reverse stock split. Information about the company’s directors and executive officers and their ownership of the company’s common stock is set forth in the definitive proxy statement.