WESTLAKE VILLAGE, Calif.--(BUSINESS WIRE)--BKF Capital Group, Inc. (OTCPink: BKFG), filed a certificate of amendment (the “Amendment”) to the Company’s Certificate of Incorporation with the Delaware Secretary of State to effect a 1-for-10 reverse stock split (the “Reverse Split”) of the Company’s issued and outstanding common stock, par value $1.00 (the "Old Common Stock") shall be reclassified and converted into one (1) validly issued, fully paid and non-assessable share of common stock, par value $1.00 (the "New Common Stock"). The reverse stock split will become effective on October 12, 2016, at which time each 10 shares of BKF Capital Group, Inc.’s issued and outstanding common stock will automatically convert into 1 share of common stock. This Certificate of Amendment was adopted by the Board of Directors of the Corporation pursuant to a written consent of the directors of the Corporation dated September 23, 2016 in accordance with Section 141 of the Delaware General Corporation Law, and by the written consent of the holders of a majority of the outstanding shares of the Corporation's voting stock on September 23, 2016 in accordance with Section 228 of the Delaware General Corporation Law
There is no mandatory exchange of stock certificates as a result of the Reverse Split. Each certificate representing shares of Old Common Stock will automatically represent the number of shares of New Common Stock into which the shares of Old Common Stock represented by such certificate were reclassified and converted as a result of the Reverse Split. No cash will be paid or distributed as a result of the Reverse Split and no fractional shares will be issued; all fractional shares which would otherwise be required to be issued as a result of the Reverse Split will be rounded up to the nearest whole share.
The Company’s common stock will be quoted on OTC Markets on a post-split basis beginning on October 12, 2016 under the symbol “BKFGD” for 20 business days and then the symbol will revert back to “BKFG”.