PALO ALTO, California,
Dec. 17, 2021 /PRNewswire/ --
AeroCentury Corp. ("AeroCentury" or the "Company") (NYSE American:
ACY), today announced that it plans to file a Certificate of
Amendment to the Certificate of Incorporation of the Company (the
"Certificate of Amendment") to implement a 5-for-1 forward stock
split of its issued and outstanding shares of common stock (the
"Stock Split"). Each shareholder of record as of December 30, 2021, the record date, will receive
four (4) additional shares of common stock for each share held as
of the record date. No fractional shares of common stock will be
issued in connection with the Stock Split. Instead, all shares will
be rounded up to the next whole share. The payment date for the
Stock Split will be January 7, 2022
and the Company's common stock is expected to begin trading on a
split-adjusted basis when the market opens on January 10, 2022.
The Company currently has a total of 4,416,811 shares of common
stock issued and outstanding. Following the proposed Stock Split,
the Company will have a total of 22,084,055 shares of common stock
issued and outstanding. The number of authorized shares of all
classes of stock of the Company will not be reduced as a result of
the Stock Split and the Stock Split will not reduce the number of
outstanding shares of the Company's preferred stock. The par value
of the common stock will also not be affected by the Stock Split.
Each stockholder of the Company will hold the same percentage of
common stock outstanding immediately following the Stock Split as
such stockholder held immediately prior to the Stock Split.
The Company anticipates that the Stock Split will increase
liquidity in the trading of the Company's common stock and will
make its shares more accessible to investors.
The Stock Split was approved by the Company's Board of Directors
on November 22, 2021, and approved by
the written consent by the Company's stockholders representing
approximately 65.0% of the Company's voting stock (the "Consenting
Stockholders") on November 30, 2021.
To implement the Stock Split, the Board of Directors and Consenting
Stockholders further approved an increase in the number of
authorized shares of common stock of the Company from 13,000,000 to
40,000,000, which will also be effected by the filing of the
Certificate of Amendment. No other stockholder approval is required
or necessary.
The Company's CUSIP number and trading symbol will remain the
same after effecting the proposed Stock Split.
Stockholders of AeroCentury who hold certificated shares will
not be required to exchange their existing stock certificates.
Stockholders who hold their shares in book-entry form with our
transfer agent will not be required to take any action.
About AeroCentury: AeroCentury is an independent
global aircraft operating lessor and finance company specializing
in leasing regional jet and turboprop aircraft and related
engines. AeroCentury intends to focus on new lines of
business other than the aircraft leasing business going
forward.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the "safe harbor" provisions of the United States
Private Securities Litigation Reform Act of 1995. All statements in
this press release other than statements that are purely historical
are forward-looking statements. When used in this press release,
the words "estimates," "projected," "expects," "anticipates,"
"forecasts," "plans," "intends," "believes," "seeks," "may,"
"will," "should," "future," "propose," and variations of these
words or similar expressions (or the negative versions of such
words or expressions) are intended to identify forward-looking
statements. These forward-looking statements are not guarantees for
future performance, conditions or results, and involve a number of
known and unknown risks, uncertainties, assumptions and other
important factors, many of which are outside the Company's control,
that could cause actual results or outcomes to differ materially
from those discussed in the forward-looking statements. Important
factors, among others, are: the ability to manage growth; ability
to identify and integrate other future acquisitions; ability to
obtain additional financing in the future to fund capital
expenditures; fluctuations in general economic and business
conditions; costs or other factors adversely affecting the
Company's profitability; litigation involving patents, intellectual
property, and other matters; potential changes in the legislative
and regulatory environment; a pandemic or epidemic. The
forward-looking statements in this press release and the Company's
future results of operations are subject to additional risks and
uncertainties set forth under the heading "Factors that May Affect
Future Results and Liquidity" in documents filed by the Company
with the Securities and Exchange Commission, including the
Company's quarterly reports on Form 10-Q and the Company's latest
annual report on Form 10-K, and are based on information available
to the Company on the date hereof. In addition, such risks and
uncertainties include the Company's inability to predict or control
bankruptcy proceedings and the uncertainties surrounding the
ability to generate cash proceeds through the sale or other
monetization of the Company's assets. The Company undertakes no
obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise,
except as required by applicable law. Readers are cautioned not to
place undue reliance on forward-looking statements, which speak
only as of the date of this press release.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/aerocentury-corp-announces-a-5-for-1-forward-stock-split-301447156.html
SOURCE AeroCentury Corp.
