April 7, 2010 (FinancialWire) — Onstream Media Corp. (NASDAQ: ONSM), aN online service provider of live and on-demand digital media communications and applications, said that it has finalized a one-for-six reverse stock split of the outstanding shares of its common stock, which was effective on April 5.

Accordingly, trading of Onstream's common stock on The NASDAQ Capital Market will begin on a split-adjusted basis at the open of trading on April 6 and concurrently the trading symbol will change from ONSM to ONSMD. The trading symbol will revert back to ONSM on May 4.

According to Onstream, the purpose of the reverse stock split is to increase the per share market price of Onstream common stock. The action was taken by Onstream's board of directors after receiving authorization from Onstream's stockholders in a vote taken at the firm’s March 25 annual meeting.

As of the effective date, Onstream stockholders will receive one post-reverse split share of common stock for every six pre-reverse split shares of common stock owned. As a result of the reverse stock split, the number of outstanding shares of common stock of the company has been reduced from around 46.3 million shares to around 7.7 million shares.

Florida-based Onstream Media is an online service provider of live and on-demand Internet broadcasting, corporate web communications and virtual marketplace technology.

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