BEVERLY, Mass., May 19, 2015 /PRNewswire/ -- Axcelis
Technologies, Inc. (Nasdaq: ACLS), a leading supplier of enabling
ion implantation solutions for the semiconductor industry,
announced today that on May 4, 2016,
Axcelis' stockholders voted to authorize the Board of Directors to
implement, in its discretion, a reverse stock split of the
outstanding common stock of Axcelis at a ratio of 1-for-4. The
reverse split will be effected at the end of the second quarter, on
June 30, 2016. When the reverse split
is implemented, the approximately 116 million shares outstanding
will become approximately 29 million shares outstanding. In
addition, the number of authorized shares of common stock will be
reduced to 75 million.
Holders of Axcelis shares on June 30,
2016 can expect to receive communications on the
implementation of the reverse split from the Company's transfer
agent, or, for street name holders, from their banks or brokerage
firms. For record holders, fractional shares arising from the
reverse split will be aggregated and sold as soon as practicable
after the effective time of the reverse stock split at the then
prevailing prices on the open market, on behalf of those
stockholders who would otherwise be entitled to receive a
fractional share. After the completion of such sale, stockholders
will receive a cash payment from the transfer agent in an amount
equal to their respective pro rata shares of the total net proceeds
of that sale. Street name holders will receive communications
from their brokerage firms on the handling of fractional shares.
Later this year, the Company plans to implement an odd lot program,
in which holders of fewer than 100 shares post-split will have a
low cost opportunity to sell shares into the market, decreasing the
number of record holders and further reducing administrative costs
for the Company.
About Axcelis:
Axcelis (Nasdaq: ACLS), headquartered
in Beverly, Mass., has been
providing innovative, high-productivity solutions for the
semiconductor industry for over 35 years. Axcelis is dedicated to
developing enabling process applications through the design,
manufacture and complete life cycle support of ion implantation
systems, one of the most critical and enabling steps in the IC
manufacturing process. Learn more about Axcelis at
www.axcelis.com.
Forward-Looking Statements:
The statements in this
press release on the timing of the effectiveness of the reverse
split, the implementation of the reverse split, including the sale
of fractional shares following the reverse split, and the
implementation of an odd lot program later this year are
"forward-looking statements," which express the current
expectations of Axcelis management. Certain risks and uncertainties
could cause actual results to differ materially from those
currently anticipated as expressed in this press release. Among
other factors, such risks and uncertainties include disruptions in
the stock market, the completion of the Company's negotiation of
contracts with its transfer agent, the timing of the completion of
the surrender of stock certificates by current stockholders,
unanticipated corporate developments, and global economic and
financial conditions. Some of these risks and other risk factors
relating to Axcelis are described more fully in the most recent
Form 10-K filed by Axcelis and in other filings from time to time
with the Securities and Exchange Commission.
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CONTACTS:
Maureen Hart
(editorial/media) 978.787.4266
Doug Lawson (investor relations)
978.787.9552
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SOURCE Axcelis Technologies, Inc.