Cemtrex declares reverse split to regain NASDAQ compliance.
INTERNET BUSINESS NEWS-(C)1995-2019 M2 COMMUNICATIONS
Cemtrex Inc. (Nasdaq: CETX, CETXP, CETXW), a global technology company, has 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 company said.
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.
Cemtrex 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.
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|Publication:||Internet Business News|
|Date:||May 31, 2019|
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