Elbit Imaging Ltd. Announces Reverse Share Split Confirmation
June 20 2016 - 10:08AM
Elbit Imaging Ltd. (
“EI” or the
“Company”) (TASE:EMITF) (NASDAQ:EMITF)
announced today that following the approval of the Company's
shareholders, on March 31, 2016, the one-for-ten reverse split of
the Company's ordinary shares will become effective and that the
shares will commence trading on a reverse split-adjusted basis upon
the open of trading on the NASDAQ Global Select Market on Monday,
June 27, 2016. With respect to the Tel Aviv Stock Exchange, the
shares will commence trading on a reverse split-adjusted basis upon
the open of trading on Sunday, June 26, 2016.
The record date for determining which holders of the Company’s
ordinary shares will have their holdings adjusted as a result of
the Reverse Share Split will be the close of business on Friday,
June 24, 2016.
The reverse share split is intended to increase the per share
trading price of the Company's ordinary shares to satisfy the $1.00
minimum bid price requirement for continued listing on the NASDAQ
Global Select Market. As a result of the reverse stock split, every
10 ordinary shares issued and outstanding at the effective time
will automatically be combined into one issued and outstanding
ordinary share. In lieu of issuing fractional shares, any
fractional share that would have resulted from the reverse share
split will be rounded up or down to the nearest whole share and a
half-share will be rounded down.
As part of the reverse share split and pursuant to the approval
of the Company's shareholders, on March 31, 2016 the Company's
Memorandum and Articles of Association will be amended to reduce
the Company's authorized share capital from 35,000,000 ordinary
shares, no par value, to 3,500,000 ordinary shares, no par
value.
About Elbit Imaging Ltd.
Elbit Imaging Ltd. operates in the following
principal fields of business: (i) Commercial centers - initiation,
construction, and sale of commercial centers and other mixed-use
property projects, predominantly in the retail sector, located in
Central and Eastern Europe. In certain circumstances and depending
on market conditions, the Group operates and manages commercial
centers prior to their sale. (ii) Hotel - operation and
management of the Radisson hotel Complex in Bucharest, Romania.
(iii) Medical industries and devices - (a) research and
development, production and marketing of magnetic resonance imaging
guided focused ultrasound treatment equipment, and (b) development
of stem cell population expansion technologies and stem cell
therapy products for transplantation and regenerative medicine.
(iv) Plots in India - plots designated for sale initially
designated to residential projects.
Any forward-looking statements in our releases
include statements regarding the intent, belief or current
expectations of Elbit Imaging Ltd. and our management about our
business, financial condition, results of operations, and its
relationship with its employees and the condition of our
properties. Words such as “believe,” “expect,” “intend,” “estimate”
and similar expressions are intended to identify forward-looking
statements but are not the exclusive means of identifying such
statements. Actual results may differ materially from those
projected, expressed or implied in the forward-looking statements
as a result of various factors including, without limitation, a
change in market conditions, a decision to deploy the cash for
other business opportunities and the factors set forth in our
filings with the Securities and Exchange Commission including,
without limitation, Item 3.D of our annual report on Form 20-F for
the fiscal year ended December 31, 2015, under the caption “Risk
Factors.” Any forward-looking statements contained in our releases
speak only as of the date of such release, and we caution existing
and prospective investors not to place undue reliance on such
statements. Such forward-looking statements do not purport to be
predictions of future events or circumstances, and therefore, there
can be no assurance that any forward-looking statement contained in
our releases will prove to be accurate. We undertake no obligation
to update or revise any forward-looking statements.
For Further Information:
Company Contact
Ron Hadassi
Chairman of the Board of Directors
Tel: +972-3-608-6048
Fax: +972-3-608-6050
ron@elbitimaging.com
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