NEW YORK--(BUSINESS WIRE)--Vu1 Corporation (OTCBB: VUOC), a developer and manufacturer of a new, mercury-free, energy efficient general purpose lighting technology, announced today that it has finalized a 1-for-20 reverse stock split of its outstanding shares of common stock, effective November 23, 2011.
Based on initial eligibility standards for a Nasdaq Capital Market listing, the company is pursuing a Nasdaq listing for the trading of its common stock. In advance of such a listing, the company’s symbol has changed from VUOC to VUOCD for the next 20 business days to reflect the reverse stock split.
Reverse Stock Split
As of the effective date of November 23, 2011, stockholders in Vu1 will receive one post-reverse stock split share of common stock for every 20 pre-reverse stock split shares of common stock owned. As a result of the reverse stock split, the number of outstanding shares of common stock of the company has been reduced from approximately 111,357,000 shares to 5,568,000 shares. The reverse stock split has not altered any stockholder’s percentage interest or voting rights in the company’s outstanding shares, except to the extent that the reverse stock split resulted in any of the company’s stockholders owning a fractional share. Each fractional share has been rounded up to one full share.
American Stock Transfer & Trust Company is the company’s transfer agent and will be acting as the exchange agent for the purpose of implementing any exchange of stock certificates in connection with the reverse split. Stockholders who have existing stock certificates will receive instructions from the transfer agent. Stockholders who hold their shares in brokerage accounts or “street name” are not required to take any action to effect the exchange of their shares.
In addition to finalizing the reverse stock split, the company previously reduced the authorized number of shares of its common stock from 200,000,000 shares to 90,000,000 shares.
About Vu1 Corporation
New York City -based Vu1 Corporation is dedicated to applying its technology to produce energy efficient, environmentally friendly lighting solutions worldwide. Vu1 has developed a new energy efficient light bulb to provide consumers with the first affordable, non-toxic light bulb with features consumers are demanding and not receiving from existing products. To learn more about Vu1, visit the company's website at www.Vu1.com. For the latest news, find Vu1 on Facebook and follow it on Twitter.
For investor inquiries, please contact Steve Simon/SSPR at (847) 415-9347. For product and sales inquiries, please contact Chris Reilly at (704) 929-7872.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This press release includes forward-looking statements including, but not limited to, our ability to obtain future funding required for our operations, the future demonstration and commercial availability of our light bulb, timing for bulb production and sales, manufacturing capability, future interest of channel partners and distributors, our strategic planning and business development plans, future applications of the technology, and the viability, pricing and acceptance of our products in the market. These forward-looking statements are subject to a number of risks and uncertainties that may cause actual results to differ materially from those described in the forward-looking statements. The words "may," "would," "will," "expect," "estimate," "anticipate," "believe," "intend" and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the company's ability to control, as well as the risks and other factors set forth in our periodic filings with the U.S. Securities and Exchange Commission (including our Form 10-K for the year ended December 31, 2010 and our other periodic reports as filed from time to time).