Satcon Announces Effectiveness of 1-for-8 Reverse Stock Split
July 19 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 confirmed that the previously
announced 1-for-8 reverse split of its common stock, $0.01 par
value per share, took effect at 12.01 a.m. on July 19, 2012.
Satcon’s common stock began trading on a post-split basis on The
NASDAQ Capital Market as of the opening of trading today.
Upon effectiveness of the reverse stock split, every eight
shares of the company’s issued and outstanding common stock
automatically converted into one issued and outstanding share of
common stock. No cash or fractional shares were issued in
connection with the reverse stock split, and instead the company
rounded 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, reduced 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 reduced 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 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 under the symbol “SATC.” In addition, the
split-adjusted common stock will trade under a new CUSIP number,
803893 403.
American Stock Transfer & Trust Company, LLC, the company’s
transfer agent, is acting as the exchange agent for the reverse
stock split. Stockholders with shares held 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
regarding the process for exchanging their shares shortly after
July 19, 2012.
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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