CUPERTINO, Calif.--(BUSINESS WIRE)--Aemetis, Inc. (OTC.QB: AMTX) today announced a 1-for-10 reverse stock split in anticipation of listing on a national exchange.
“Aemetis continues to make steady progress toward national listing,” said Eric McAfee, Chairman and Chief Executive Officer of Aemetis, Inc. “The shareholders have strongly supported this important step in growing the company,” added McAfee.
The reverse stock split was approved by more than a majority of Aemetis’ stockholders as of May 9, 2014, and, accordingly, Aemetis concluded its consent solicitation for approval of the reverse stock split early. Following such stockholder approval and approval of Aemetis’ board of directors, on May 9, 2014, Aemetis filed a Certificate of Change with the Secretary of State of the State of Nevada effecting the split, which has the effect of amending Aemetis’ Articles of Incorporation.
The reverse stock split will be effective with the Financial Industry Regulatory Authority after the close of trading on May 14, 2014, and Aemetis common stock will begin trading on a split adjusted basis at the opening of trading on May 15, 2014. When the reverse stock split becomes effective, every ten shares of issued and outstanding Aemetis common stock will be automatically combined into one issued and outstanding share of common stock without any change in the par value per share. The number of outstanding shares of Aemetis common stock will be reduced from approximately 201.7 million shares to approximately 20.2 million shares.
Aemetis common stock will continue trading on the OTC.QB under the symbol “AMTX,” with a “D” placed after this stock symbol for 20 business days.
Stockholders who would otherwise hold a fractional share of Aemetis common stock following the reverse stock split will receive a whole number of shares rounded up to the next whole number in lieu of a fractional share. For stockholders who hold physical stock certificates, Aemetis’ transfer agent, Corporate Stock Transfer, will transmit instructions for exchanging said certificates for new certificates, representing the post-split number of shares.
Additional information on the treatment of fractional shares and other effects of the reverse stock split can be found in Aemetis’ definitive proxy statement filed with the Securities and Exchange Commission on May 7, 2014.
Headquartered in Cupertino, California, Aemetis is an advanced fuels and renewable chemicals company that was founded in 2006. Aemetis owns and operates a 55 million gallon ethanol and 420,000 ton animal feed plant in California that is the first upgraded facility approved by the EPA to produce D5 Advanced Biofuels using the milo/biogas/CHP pathway. Aemetis also built, owns and operates a 50 million gallon capacity renewable chemicals and advanced fuels production facility on the East Coast of India producing high quality, distilled biodiesel and refined glycerin for customers in Europe and Asia. Aemetis operates a research and development laboratory at the Maryland Biotech Center, and holds five granted patents on its Z-microbe and related technology for the production of renewable fuels and biochemicals. For additional information about Aemetis, please visit aemetis.com.
Safe Harbor Statement
This press release contains forward-looking statements, including statements regarding our assumptions, projections, expectations, targets, intentions or beliefs about future events or other statements that are not historical facts. Forward-looking statements in this press release include, without limitation, statements regarding the listing of our common stock on a national securities exchange. Words or phrases such as “anticipates,” “may,” “will,” “should,” “believes,” “estimates,” “expects,” “intends,” “plans,” “predicts,” “projects,” “targets,” “will likely result,” “will continue” or similar expressions are intended to identify forward-looking statements. These forward-looking statements are based on current assumptions and predictions and are subject to numerous risks and uncertainties. Actual results or events could differ materially from those set forth or implied by such forward-looking statements and related assumptions due to certain factors, including, without limitation, the risk that the market price of our common stock may decline following the reverse stock split such that we are unable to satisfy the listing standards for a national securities exchange, the risk that we will not be able to satisfy other requirements for the listing of our common stock on a national securities exchange, competition in the ethanol and other industries in which we operate, commodity market risks including those that may result from current weather conditions, financial market risks, counter-party risks, risks associated with changes to federal policy or regulation, risks associated with the conversion of the Keyes plant to the use of sorghum for ethanol production and other risks detailed in our reports filed with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2013, and in our subsequent filings with the SEC. We are not obligated, and do not intend, to update any of these forward-looking statements at any time unless an update is required by applicable securities laws.