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American Films Announces Intention to Conduct a 1:5 Reverse Stock Split, Shares to Commence Trading on tZERO ATS in the Fourth Quarter
American Films Announces Intention to Conduct a 1:5 Reverse Stock Split, Shares to Commence Trading on tZERO ATS in the Fourth Quarter.
About this update from American Films, Inc.
[{"type":"text","content":"\n NEW BOSTON, N.H., Sept. 24, 2021 (GLOBE NEWSWIRE) -- American Films, Inc. (OTC: AMFL) today announced that its Board of Directors unanimously approved a 1:5 reverse stock split. The effective date of the reverse stock split will be determined once it has been processed by the Financial Industry Regulatory Authority (“FINRA”). “We believe that the reverse stock split is an important step for the company and its stockholders to optimize our position as we work to execute strategic initiatives across all fronts,” said American Films President and Chief Executive Officer John Carty. “By implementing a reverse stock split, American Films believes it can realize increased incremental demand for both its common stock and make the shares more attractive to a broader range of potential long-term institutional investors,” Carty said. No fractional shares will be issued in connection with the reverse stock split, according to Carty. Instead, each stockholder holding fractional shares will be entitled to receive, in lieu of such fractional shares, cash in an amount determined based on the closing price of American Films’ common stock on the effective date. In addition, Carty said, the reverse stock split will apply to all of the outstanding shares of common stock of American Films and will not affect any stockholder’s ownership percentage of shares of the company's common stock, except for minor changes resulting from the payment of cash for fractional shares. American Films stockholders of record will be receiving information from Worldwide Stock Transfer, LLC, the company's transfer agent, regarding their stock ownership following the reverse stock split and cash in lieu of fractional share payments, if applicable. American Films owns, develops, and acquires intellectual property, which it seeks to monetize at higher rates through proprietary technology, litigation, and asset digitization. Its unique proprietary processes and technology include FACTERRA, a web-based evidence gathering program that identifies instances of copyright infringement and allows American Films to pursue intellectual property protection litigation on behalf of copyright owners. American Films also announced today that the company recently filed its most recent financial statements with OTC Markets and is now in fu...