Cemtrex Announces Reverse Split to Regain NASDAQ Compliance
May 24 2019 - 8:30AM
Business Wire
Cemtrex Inc. (Nasdaq: CETX, CETXP, CETXW), a leading global
technology company, today announced that effective at 9:00 a.m.,
EDT, on June 13, 2019, the Company will effect a six-for-one
reverse stock split of its outstanding common stock.
The reverse stock split is primarily intended to bring the
Company into compliance with the minimum average closing share
price requirement for maintaining its listing on the Nasdaq Capital
Market. The Company's common stock will continue to trade under the
symbol "CETX". Upon the effectiveness of the reverse stock split,
every six shares of issued and outstanding common stock before the
open of business on June 13, 2019 will be combined into one issued
and outstanding share of common stock, with no change in par value
per share. The Company's common stock will open for trading on
Nasdaq on June 13, 2019 on a post-split basis.
The reverse stock split will reduce the number of shares of the
Company's outstanding common stock from approximately 16,737,009
million shares to approximately 2,789,502 million shares. No
fractional shares will be issued as a result of the reverse stock
split. Any fractional shares that would result from the reverse
stock split will be rounded up to the nearest whole share.
The reverse stock split will affect all issued and outstanding
shares of the Company's common shares, as well as the number of
shares of common shares available for issuance under the Company's
stock options and warrants. In addition, the reverse stock split
will reduce the number of shares of common shares issuable upon the
exercise of stock options or warrants outstanding immediately prior
to the reverse split and correspondingly increase the respective
exercise prices. The reverse stock split will affect all
shareholders uniformly and will not alter any shareholder's
percentage interest in the Company's equity, except to the extent
that the reverse stock split results in some shareholders
experiencing an adjustment of a fractional share as described
above.
Shareholders holding share certificates will receive information
from Clear Trust, LLC the Company's transfer agent, regarding the
process for exchanging their shares of common stock. Shareholders
with questions may contact our transfer agent by calling
813-235-4490.
About Cemtrex
Cemtrex, Inc. (CETX) is a diversified technology company that's
driving innovation in a wide range of sectors, including smart
technology, virtual and augmented realities, advanced electronic
systems, industrial solutions, and intelligent security
systems.
www.cemtrex.com
Safe Harbor Statement
This press release contains "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act of
1995, including statements relating to our new product offerings or
any proposed fundraising activities. These forward-looking
statements are based on management's current expectations and are
subject to certain risks and uncertainties that could cause actual
results to differ materially from those set forth in or implied by
such forward looking statements. These risks and uncertainties
include, but are not limited to: operational losses and negative
cash flows; any need for additional financing; market acceptance of
our products; our ability to manufacture and develop effective
products and solutions; indebtedness to our lenders; current and
future economic conditions that may adversely affect our business
and customers; potential fluctuation of our revenues and
profitability from period to period which could result in our
failure to meet expectations; our ability to maintain adequate
levels of working capital; our ability to incentivize and retain
our current senior management team and continue to attract and
retain qualified scientific, technical and business personnel; our
ability to expand our product offerings or to develop other new
products and services; our ability to generate sales and profits
from current product offerings; rapid technological changes and new
technologies that could render certain of our products and services
to be obsolete; competitors with significantly greater financial
resources; introduction of new products and services by
competitors; challenges associated with expansion into new markets;
and, other factors discussed under the heading "Risk Factors"
contained in our Form 10-K filed with the Securities and Exchange
Commission. All information in this press release is as of the date
of the release and we undertake no duty to update this information
unless required by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20190524005119/en/
For further information, please contact:Investor
RelationsCemtrex, Inc.Phone:
631-756-9116investors@cemtrex.comGeneral
Inquiriessales@cemtrex.com
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