Satcon Announces Effectiveness of 1-for-8 Reverse Stock Split
BOSTON--(BUSINESS WIRE)-- Satcon Technology Corporation® (NASDAQ CM:SATC), a leading provider of utility scale power conversion solutions for the renewable energy market, today confirmed that the previously announced 1-for-8 reverse split of its common stock, $0.01 par value per share, took effect at 12.01 a.m. on July 19, 2012. Satcons common stock began trading on a post-split basis on The NASDAQ Capital Market as of the opening of trading today.
Upon effectiveness of the reverse stock split, every eight shares of the companys issued and outstanding common stock automatically converted into one issued and outstanding share of common stock. No cash or fractional shares were issued in connection with the reverse stock split, and instead the company rounded up to the next whole share in lieu of issuing factional shares that would have been issued in the reverse split.
The reverse stock split, which was approved by Satcons stockholders on June 20, 2012, reduced the outstanding number of shares of common stock from approximately 144.2 million to approximately 18.0 million. Concurrent with the reverse stock split, Satcon (SATC) reduced the number of authorized shares of its common stock to 37.5 million.
For the 20 trading days immediately following the reverse split, Satcons common stock will trade on a post-split basis under the trading symbol SATCD as an interim symbol to denote the reverse split. After this 20 trading day period, Satcons common stock will resume trading under the symbol SATC. In addition, the split-adjusted common stock will trade under a new CUSIP number, 803893 403.
American Stock Transfer & Trust Company, LLC, the companys transfer agent, is acting as the exchange agent for the reverse stock split. Stockholders with shares held in brokerage accounts or street name are not required to take any action to effect the exchange of their shares. Stockholders who have existing stock certificates will receive instructions from the transfer agent regarding the process for exchanging their shares shortly after July 19, 2012.
Satcon Technology Corporation is a leading provider of utility-grade power conversion solutions for the renewable energy market, enabling the industry's most advanced, reliable and proven clean energy alternatives. For more than ten years, Satcon has designed and delivered advanced power conversion products that enable large-scale producers of renewable energy to convert the clean energy they produce into grid-connected efficient and reliable power. To learn more about Satcon, please visit www.Satcon.com.
Statements made in this press release that are not historical facts or which apply prospectively are forward-looking statements that involve risks and uncertainties. These statements include statements regarding the timing and effectiveness of the reverse stock split. Investors should not rely on forward looking statements because they are subject to a variety of risks and uncertainties and other factors that could cause actual results to differ materially from the companys expectations. Additional information concerning risk factors is contained from time to time in the companys SEC filings, including its Annual Report on Form 10-K and other periodic reports filed with the SEC. Forward-looking statements contained in this press release speak only as of the date of this release. Subsequent events or circumstances occurring after such date may render these statements incomplete or out of date. The company expressly disclaims any obligation to update the information contained in this release.
Satcon Technology Corporation
Aaron Gomolak, 617-910-5500
Source: Satcon Technology CorporationCopyright Business Wire 2012