Cemtrex Postpones Reverse Split to January 25th, 2023
January 23 2023 - 9:25AM
- Cemtrex Inc. (NASDAQ: CETX, CETXP), an
advanced security technology and industrial services company, today
announced that the planned split of its outstanding common stock
that was to be effective on January 23, 2023 has been postponed
until January 25th 2023.
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 thirty five shares of issued and outstanding
common stock 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 January
25, 2023 on a post-split basis trade under a new CUSIP Number,
15130G 709.
The reverse stock split will reduce the number
of shares of the Company's outstanding common stock from
approximately 27,778,856 shares to approximately 793,682 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. In addition, the reverse stock split
will reduce the number of shares of common shares issuable upon the
exercise of stock options 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 company that owns two
operating subsidiaries: Vicon Industries Inc and Advanced
Industrial Services Inc.
Vicon Industries, a subsidiary
of Cemtrex Inc., is a global leader in advanced security and
surveillance technology to safeguard businesses, schools,
municipalities, hospitals and cities. Since 1967, Vicon delivers
mission-critical security surveillance systems, specializing in
engineering complete security solutions that simplify deployment,
operation and ongoing maintenance. Vicon provides security
solutions for some of the largest municipalities and businesses in
the U.S. and around the world, offering a wide range of
cutting-edge and compliant security technologies, from AI-driven
video analytics to fully integrated access control solutions. For
more information visit www.vicon-security.com
AIS – Advanced Industrial
Services, a subsidiary of Cemtrex, Inc., is a premier
provider of industrial contracting services including
millwrighting, rigging, piping, electrical, welding. AIS Installs
high precision equipment in a wide variety of industrial markets
including automotive, printing & graphics, industrial
automation, packaging, and chemicals. AIS owns and operates a
modern fleet of custom designed specialty equipment to assure safe
and quick installation of your production equipment. Our talented
staff participates in recurring instructional training, provided to
ensure that the most current industry methods are being utilized to
provide an efficient and safe working environment. For more
information visit www.ais-york.com
For more information visit www.cemtrex.com.
Forward-Looking Statements
This press release contains “forward-looking
statements” within the meaning of the Private Securities Litigation
Reform Act of 1995, including statements relating to the closing of
the offering, gross proceeds from the offering, our new product
offerings, expected use of proceeds, 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. Statements made herein are as of the date of
this press release and should not be relied upon as of any
subsequent date. These risks and uncertainties are 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.
Investor RelationsChris TysonExecutive Vice
President – MZ North AmericaDirect:
949-491-8235CETX@mzgroup.us www.mzgroup.us
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