Shengkai Innovations, Inc. Announces 1 for 2 Reverse Stock Split
08 Marzo 2012 - 7:00PM
Shengkai Innovations, Inc. (Nasdaq:VALV)
("Shengkai" or the "Company"), a leading ceramic
valve manufacturer in the People's Republic of China (the "PRC"),
today announced the Company will implement a 1 for 2 reverse stock
split of its issued and outstanding common stock ("Reverse Split"),
effective on Friday, March 9, 2012. The Reverse Split was approved
by the shareholders of the Company on the 2012 Annual Meeting of
Shareholders on December 22, 2011. The Company's common stock will
continue to trade under the symbol "VALV" on the Nasdaq Global
Market after the Reverse Split.
Immediately upon the Reverse Split becoming effective, every two
shares of common stock of the Company prior to the Reverse Split
will be combined into one share of common stock of the Company. Any
owner of less than a single full share of common stock after the
Reverse Split will receive a full share of common stock in lieu of
the fractional share. The Reverse Split will reduce the number of
shares of common stock outstanding to approximately 16.7 million
shares from approximately 33.3 million shares, based on the number
of shares outstanding as of March 8, 2012.
The Company's transfer agent, Broadridge Corporate Issuer
Solutions, Inc. will process the corporate action. The Company's
shareholders are required to exchange their current stock
certificates for new stock certificates reflecting the adjusted
number of shares as a result of the Reverse Split upon receipt of
instructions and documents necessary to obtain the new certificates
from Broadridge Corporate Issuer Solutions, Inc.
About Shengkai Innovations, Inc.
Shengkai Innovations is primarily engaged in the design,
manufacture and sale of ceramic valves, high-tech ceramic materials
and the provision of technical consultation and related services.
The Company's industrial valve products are used by companies in
the electric power, petrochemical and chemical, metallurgy and
other industries as high-performance, more durable alternatives to
traditional metal valves. The Company was founded in 1994 and is
headquartered in Tianjin, the PRC.
The Company is one of the few ceramic valve manufacturers in the
world with research and development, engineering, and production
capacity for structural ceramics and is able to produce large-sized
ceramic valves with calibers of 6" (150mm) or more. The Company's
product portfolio includes a broad range of valves that are sold
throughout the PRC, to Europe, North America, United Arab Emirates,
and other countries in the Asia-Pacific region. The Company has
over 200 customers, and is the only ceramic valve supplier
qualified to supply SINOPEC. The Company joined the supply network
of China National Petroleum Corporation ("CNPC") in 2006 and
subsequently received a CNPC Certificate of Material Supplier for
valve products in 2011.
Safe Harbor
Statements
Under the Private Securities Litigation Reform Act of 1995: Any
statements set forth above that are not historical facts are
forward-looking statements that involve risks and uncertainties
that could cause actual results to differ materially from those in
the forward-looking statements. Such factors include, but are not
limited to, the effect of political, economic, and market
conditions and geopolitical events, legislative and regulatory
changes, the Company's ability to expand and upgrade its production
capacity, the actions and initiatives of current and potential
competitors, and other factors detailed from time to time in the
Company's filings with the United States Securities and Exchange
Commission and other regulatory authorities. All forward-looking
statements attributable to the Company or to persons acting on its
behalf are expressly qualified in their entirety by these factors
other than as required under the securities laws. The Company
undertakes no obligation to publicly update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise.
CONTACT: Shengkai Innovations, Inc.
David Ming He, CFO
+86-22-5883-8509
ir@shengkai.com
http://www.shengkaiinnovations.com
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