MOUNTAIN VIEW, Calif. (November 14, 1995) -- Netscape Communications Corporation today announced that its board of directors has approved a two-for-one stock split, subject to stockholder approval. A special meeting of the Company's stockholders is scheduled for January 23, 1996 for the purpose of approving the stock split and doubling the number of shares of Common Stock authorized for issuance by the Company. The record date for the special meeting of the shareholders will be December 19, 1995. Upon completion of the split the number of shares of Common Stock outstanding will be approximately 81,000,000 (assuming no exercise of stock options or other new stock issuances by the Company prior to the date of stock split).
Today, the Company also announced that Morgan Stanley & Co. Incorporated and Hambrecht & Quist LLC, representatives of the underwriting group of the Company's initial public offering, have agreed to release up to 1,000,000 shares of Common Stock held by non-officer employees from the "lock-up" agreements each employee executed prior to the initial public offering. The release will enable non-officer employees to sell up to half of their fully vested Common Stock beginning November 15, 1995.
Netscape Communications Corporation is a premier provider of open software to enable people and companies to exchange information and conduct commerce over the Internet and other global networks. The company was founded in April 1994 by Dr. James H. Clark, founder of Silicon Graphics, Inc., a Fortune 500 computer systems company; and Marc Andreessen, creator of the NCSA Mosaic research prototype for the Internet. Traded on Nasdaq under the symbol "NSCP", Netscape Communications Corporation is based in Mountain View, California.
Additional information on Netscape Communications Corporation is available on the Internet at , by sending email to info@netscape.com or by calling 415-528-2555.