CHANGSHU, China, June 26, 2015 /PRNewswire/ -- Sutor Technology
Group Limited (the "Company" or "Sutor") (Nasdaq: SUTR), one of the
leading China-based manufacturers
and service providers for fine finished steel products used by a
variety of downstream applications, today announced that it has
filed a Certificate of Change pursuant to Section 78.209 of the
Nevada Revised Statutes with the Nevada Secretary of State to effect a
one-for-five (1-for-5) reverse stock split of the authorized and
issued and outstanding shares of common stock, par value
$0.001 per share, of the Company
("Common Stock"). The reverse stock split will be effective at the
market opening on June 26, 2015, at
which time the Company's Common Stock will begin trading on the
NASDAQ Capital Market on a split-adjusted basis. At the same
time, the Company's Common Stock will trade under the new symbol
"TOR" and under a new CUSIP number
869362202.
The Company is implementing the reverse stock split to regain
compliance with NASDAQ continued listing standards. Following the
reverse stock split the Company will have approximately 8.5 million
shares of Common Stock issued and outstanding, and each
stockholder's percentage ownership and proportional voting power in
the Company will remain unchanged. In addition, the number of total
authorized shares of Common Stock will be reduced to 100 million
shares. The Company values maintaining a presence in the American
capital markets. Based on the long-term interests of shareholders
and in conjunction with Company's business transformation and
upgrading and its goal of enhanced brand recognition, the Company
is implementing the reverse stock split and changing trading
symbol.
For further information regarding the reverse stock split and
trading symbol change, please refer to the Company's Form 8-K to be
filed with the Securities and Exchange Commission and available on
the SEC website at http://www.sec.gov following effectiveness of
the reverse stock split.
About Sutor Technology Group Ltd
Sutor is one of the leading China-based manufacturers and service
providers for high-end fine finished steel products and welded
steel pipes used by a variety of downstream applications. The
Company utilizes a variety of in-house developed processes and
technologies to convert steel manufactured by third parties into
fine finished steel products, including hot-dip galvanized steel,
pre-painted galvanized steel, acid-pickled steel, cold-rolled steel
and welded steel pipe products. The Company also provides fee-based
steel processing services to customers, including industrial peers.
To learn more about the Company, please visit
http://www.sutorcn.com/en/index.php.
Forward-Looking Statements
This press release includes certain statements that are not
descriptions of historical facts, but are "forward-looking
statements" in nature within the meaning of the Private Securities
Litigation Reform Act of 1995. Such statements include, among
others, those concerning our expected financial performance,
liquidity and strategic and operational plans, our future operating
results, our expectations regarding the market for our products,
our expectations regarding the steel market, as well as all
assumptions, expectations, predictions, intentions or beliefs about
future events. You are cautioned that any such
forward-looking statements are not guarantees of future performance
and that a number of risks and uncertainties could cause our actual
results to differ materially from those anticipated, expressed or
implied in the forward-looking statements. These risks and
uncertainties include, but not limited to, the factors mentioned in
the "Risk Factors" section of our Annual Report on Form 10-K for
the year ended June 30, 2014, and
other risks mentioned in our other reports filed with the
Securities Exchange Commission ("SEC"). Copies of filings
made with the SEC are available through the SEC's electronic data
gathering analysis retrieval system (EDGAR) at
http://www.sec.gov. The words "believe," "expect,"
"anticipate," "project," "targets," "optimistic," "intend," "aim,"
"will" or similar expressions are intended to identify
forward-looking statements. All statements other than statements of
historical fact are statements that could be deemed forward-looking
statements. The Company assumes no obligation and does not
intend to update any forward-looking statements, except as required
by law.
For more information, please contact:
Investor
Relations
Sutor Technology Group
Limited
Tel:
+86-512-5268-0988
Email: investor_relations@sutorcn.com
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/sutor-announces-one-for-five-reverse-stock-split-and-change-of-trading-symbol-300105356.html
SOURCE Sutor Steel Technology Co., Ltd.