Business
GDET Announces Reverse Split and Debt Reduction Plan
GDET Announces Reverse Split and Debt Reduction Plan.
About this update from Gd Entertainment & Technology, Inc.
[{"type":"text","content":"FOR IMMEDIATE RELEASE\n\nGD ENTERTAINMENT & TECHNOLOGY, INC. AFFECTS A 1-FOR-10,000\nREVERSE STOCK SPLIT AND PLAN FOR REDUCTION OF DEBT \n\n \n\nWESTLAKE VILLAGE, CA –\nMarch 3,\n2016 – GD Entertainment\n& Technology, Inc. (OTC Markets:\nGDET), a leading entertainment and technology company, today\nannounced that it has affected a reverse split through a corporate action that\nwas unanimously approved by its board of directors, and approved by FINRA. The Company plans to retire its remaining\naged debt and recapitalize the Company's balance sheet in order to make the\nCompany's common stock more attractive to a broader range of institutional\ninvestors. The Company is also\ninterviewing auditors for the purpose of becoming fully reporting in 2016. \n\n \n\nReverse Split\n\nAt the effective time of the reverse stock\nsplit, GDETs issued and outstanding shares of common stock decreases to\napproximately 142,000 post-split shares from approximately 1.42 billion\npre-split shares. As a result of the reverse stock split, every 10,000 shares\nof common stock held by each shareholder will automatically be converted into\none (1) common stock. No fractional shares will be issued in connection with\nthe reverse stock split and the par value remains unchanged. All fractional\nshares will be rounded up. Shareholders\nholding stock certificates may contact the Company’s transfer agent, Olde\nMonmouth Transfer Co. for details on how to exchange for new stock\ncertificates. GD Entertainment & Technology, Inc.'s\ncommon stock will trade under the symbol \"GDETD\" for a mandated 20\nbusiness days per standard FINRA procedure prior to changing to its new symbol\n“GDET”. In addition, the Company's common stock will trade under a new\nCUSIP number 36830V200. \n\n \n\nRecapitalization Plan\n\nAs part of its recapitalization plan, the Company will be\noffering current note holders of the Company's current outstanding aged debt\nthe option to convert the principle amount of their notes and any accrued\ninterest into shares of the Company's preferred stock. The conversion(s) will allow the Company to\nstrengthen its balance sheet while it prepares for its upcoming audit. Over $500,000 of the Company's debt has already\nbeen converted or retired in the past 14 months.&...