Empire Resorts Announces Reverse Split of Its Common Stock
December 13 2011 - 10:30AM
Business Wire
Empire Resorts, Inc., (NASDAQ-GM: NYNY) (“Empire” or the
“Company”) today announced it filed a Certificate of Amendment to
its Amended and Restated Certificate of Incorporation (the
“Amendment”) to implement a one-for-three reverse split (the
“Reverse Split”) of its common stock, $.01 par value per share. The
Amendment became effective on December 13, 2011 (the “Effective
Time”). The Amendment did not change the par value of the common
stock or the number of shares of common stock Empire is authorized
to issue. Stockholders holding shares representing a majority of
the Empire’s outstanding voting power approved the Amendment at the
annual meeting of stockholders held on December 13, 2011.
At the Effective Time, immediately and without further action by
Empire’s stockholders, every three (3) shares of Empire’s pre-split
common stock will automatically be converted into one (1) share of
post-split common stock.
The split-adjusted shares of Empire’s common stock will begin
trading on the Nasdaq Global Market on Wednesday, December 14, 2011
under the symbol “NYNYD,” with a “D” added for 20 trading days to
signify that the Reverse Split has occurred. The new CUSIP number
assigned to Empire’s common stock because of the Reverse Split is
292052206.
Emanuel Pearlman, Chairman of the Board of Directors of Empire,
stated the following: “We anticipate that with the approval of the
Reverse Split, our common stock will continue to trade on the
Nasdaq Global Market. We believe that this will permit the Company
to have financing flexibility as we continue with our efforts to
grow Empire.”
Continental Stock Transfer & Trust Company, Empire’s
transfer agent, will act as exchange agent for the exchange.
Stockholders will receive forms and notices to exchange their
existing shares for new shares from the exchange agent or their
broker.
About Empire Resorts, Inc.
Empire owns and operates, through its subsidiary Monticello
Raceway Management, Inc., the Monticello Casino & Raceway, a
harness horse racing track and casino located in Monticello, New
York and 90 miles from midtown Manhattan. For additional
information, please visit www.empireresorts.com.
Cautionary Statement Regarding Forward Looking
Information
Statements in this press release regarding the company’s
business that are not historical facts are “forward-looking
statements” that may involve material risks and uncertainties. The
company wishes to caution readers not to place undue reliance on
such forward-looking statements, which statements are made pursuant
to the Private Securities Litigation Reform Act of 1995, and as
such, speak only as of the date made. For a full discussion of
risks and uncertainties, which could cause actual results to differ
from those contained in the forward-looking statements, see “Risk
Factors” in the company’s Annual Report on Form 10-K for the most
recently ended fiscal year, as amended, as well as the company’s
Quarterly Report on Form 10-Q for the most recently ended fiscal
quarter.
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