Satcon Announces Reverse Stock Split
09 Julio 2012 - 7:30AM
Business Wire
Satcon Technology Corporation® (NASDAQ CM:SATC), a leading
provider of utility scale power conversion solutions for the
renewable energy market, today announced that its Board of
Directors approved a 1-for-8 reverse stock split of its common
stock. Satcon anticipates the reverse stock split will be effective
and that its common stock will begin trading on a split-adjusted
basis on The NASDAQ Capital Market at the opening of trading on
July 19, 2012.
Upon effectiveness of the reverse stock split, every eight
shares of the company’s issued and outstanding common stock will be
automatically converted into one issued and outstanding share of
common stock. No cash or fractional shares will be issued in
connection with the reverse stock split. Satcon will round up to
the next whole share in lieu of issuing factional shares that would
have been issued in the reverse split.
The reverse stock split, which was approved by Satcon’s
stockholders on June 20, 2012, will reduce the outstanding number
of shares of common stock from approximately 144.2 million to
approximately 18.0 million. Concurrent with the reverse stock
split, Satcon will reduce the number of authorized shares of its
common stock to 37.5 million.
For the 20 trading days immediately following the reverse split,
Satcon’s common stock will trade on a post-split basis on The
NASDAQ Capital Market under the trading symbol “SATCD” as an
interim symbol to denote the reverse split. After this 20 trading
day period, Satcon’s common stock will resume trading on The NASDAQ
Capital Market under the symbol “SATC.” In addition, the
split-adjusted common stock will trade under a new CUSIP
number.
American Stock Transfer & Trust Company, LLC, the company’s
transfer agent, will be acting as the exchange agent for the
reverse stock split. Stockholders who hold their shares in
brokerage accounts or “street name” are not required to take any
action to effect the exchange of their shares. Stockholders who
have existing stock certificates will receive instructions from the
transfer agent after the reverse stock split becomes effective.
About Satcon
Satcon Technology Corporation is a leading provider of
utility-grade power conversion solutions for the renewable energy
market, enabling the industry's most advanced, reliable and proven
clean energy alternatives. For more than ten years, Satcon has
designed and delivered advanced power conversion products that
enable large-scale producers of renewable energy to convert the
clean energy they produce into grid-connected efficient and
reliable power. To learn more about Satcon, please visit
www.Satcon.com.
Safe Harbor
Statements made in this press release that are not historical
facts or which apply prospectively are forward-looking statements
that involve risks and uncertainties. These statements include
statements regarding the timing and effectiveness of the reverse
stock split. Investors should not rely on forward looking
statements because they are subject to a variety of risks and
uncertainties and other factors that could cause actual results to
differ materially from the company’s expectations. Additional
information concerning risk factors is contained from time to time
in the company’s SEC filings, including its Annual Report on Form
10-K and other periodic reports filed with the SEC. Forward-looking
statements contained in this press release speak only as of the
date of this release. Subsequent events or circumstances occurring
after such date may render these statements incomplete or out of
date. The company expressly disclaims any obligation to update the
information contained in this release.
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