LOS ANGELES--(BUSINESS WIRE)--Rentech, Inc. (NASDAQ: RTK) today announced that it will effect a 1-for-10 reverse stock split of its common stock. On August 20, 2015, each 10 shares of Rentech’s issued and outstanding common stock and equivalents will be converted into 1 share of common stock and will begin trading on a split-adjusted basis.
The reverse stock split will affect all issued and outstanding shares of the Company's common stock, as well as common stock underlying stock options, restricted stock units, warrants and preferred stock outstanding immediately prior to the effectiveness of the reverse stock split. The reverse stock split will proportionally reduce the total number of shares outstanding from approximately 230 million to approximately 23 million. Concurrent with the reverse stock split, the authorized shares of common stock will be reduced from 450 million to 45 million.
No fractional shares will be issued in connection with the reverse stock split. Any fractional share of common stock that would otherwise have resulted from the reverse stock split will be converted into cash payments equal to such fraction multiplied by the closing trading price of the common stock on August 19, 2015, the last trading day immediately preceding the effective date of the reverse stock split.
Rentech has chosen its transfer agent, Computershare Inc., to act as exchange agent for the reverse stock split. Stockholders holding their shares in book-entry form or through a bank, broker or other nominee do not need to take any action in connection with the reverse stock split, and will see the impact of the reverse stock split automatically reflected in their accounts following the effective date. Beneficial holders may contact their bank, broker or nominee for more information. For those stockholders holding physical stock certificates, Computershare will send instructions for exchanging those certificates for shares held in book-entry form or for new certificates, in either case representing the post-split number of shares. Computershare can be reached at (855) 396-2084.
Rentech’s trading symbol, RTK, will not change as a result of the reverse stock split. The Company’s common stock will begin trading under the new CUSIP number 760112 201.
Additional information about the reverse stock split can be found in the Company's definitive proxy statement filed with the Securities and Exchange Commission on May 8, 2015, a copy of which is available at www.sec.gov or at www.rentechinc.com under the SEC Filings tab located at the Investors section of the website.
About Rentech, Inc.
Rentech, Inc. (NASDAQ: RTK) owns and operates wood fibre processing, wood pellet production and nitrogen fertilizer manufacturing businesses. Rentech offers a full range of integrated wood fibre services for commercial and industrial customers around the world, including wood chipping services, operations, marketing, trading and vessel loading, through its subsidiary, Fulghum Fibres. The Company’s New England Wood Pellet subsidiary is a leading producer of bagged wood pellets for the U.S. heating market. Rentech manufactures and sells nitrogen fertilizer through its publicly-traded subsidiary, Rentech Nitrogen Partners, L.P. (NYSE: RNF). Please visit www.rentechinc.com and www.rentechnitrogen.com for more information.
Safe Harbor Statement
This press release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. These statements are based on management’s current expectations and actual results may differ materially as a result of various risks and uncertainties. Other factors that could cause actual results to differ from those reflected in the forward-looking statements are set forth in the Company’s prior press releases and periodic public filings with the Securities and Exchange Commission, which are available via Rentech’s website at www.rentechinc.com. The forward-looking statements in this press release are made as of the date of this press release and Rentech does not undertake to revise or update these forward-looking statements, except to the extent that it is required to do so under applicable law.