The Company's common stock is expected to commence trading, at market open, on a post-reverse stock split basis on
Ascent's common stock will continue to trade on the
As a result of the reverse stock split, every 20 shares of the Company's common stock issued and outstanding at the effective time will automatically be combined into one issued and outstanding share without any change in the par value of those shares. In lieu of issuing fractional shares, the Company will round fractions of shares up to the nearest whole share.
Once the reverse stock split becomes effective, stockholders holding shares through a brokerage account will have their shares automatically adjusted to reflect the 1-for-20 reverse stock split. Existing stockholders holding common stock certificates will receive a letter of transmittal from Ascent's transfer agent,
The Company expects to have approximately 17 million post-split shares outstanding as a result of the reverse stock split. The number of authorized shares of the Company's common stock will remain at 450 million shares.
The number of shares of the Company's Series A, E, F and G Convertible Preferred Stock outstanding will not be affected by the reverse stock split. However, the number of shares of common stock into which each outstanding share of Series A, E, F and G Convertible Preferred Stock is convertible will be adjusted proportionately as a result of the reverse stock split.
All outstanding RSUs, stock options, warrants and rights to acquire shares of the Company's common stock will be adjusted proportionately. The maximum number of shares available for grant under the Company's stock option plan and restricted stock plan will be adjusted proportionately as a result of the reverse stock split.
The EnerPlex Division represents
Statements in this press release that are not statements of historical or current fact constitute "forward-looking statements." Such forward-looking statements involve known and unknown risks, uncertainties and other unknown factors that could cause the Company's actual operating results to be materially different from any historical results or from any future results expressed or implied by such forward-looking statements. In addition to statements that explicitly describe these risks and uncertainties, readers are urged to consider statements that contain terms such as "believes," "belief," "expects," "expect," "intends," "intend," "anticipate," "anticipates," "plans," "plan," to be uncertain and forward looking. The forward-looking statements contained herein are also subject generally to other risks and uncertainties that are described from time to time in the Company's
filings with the
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