IDT Corporation Stockholders Approve Consolidation of Share Classes

IDT Corporation IDT today announced that, at a Special Meeting of Stockholders, its stockholders approved an amendment to its certificate of incorporation automatically converting and reclassifying each outstanding share of its Common Stock IDT into one share of its Class B Common Stock. In connection with the amendment, the Company also said it will delist its Common Stock from the New York Stock Exchange and deregister and suspend its reporting obligations with respect to its Common Stock under the Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder. IDT Corporation's Class B Common Stock will remain listed on the NYSE under the same “IDT” ticker symbol and will be the Company's only publicly traded stock. By virtue of the ownership and NYSE-listing of its Class B Common Stock, the Company will remain subject to the reporting obligations under the Exchange Act.