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Uniroyal Global Engineered Products, Inc. Announces 1-For-5 Reverse Stock Split
Uniroyal Global Engineered Products, Inc. Announces 1-For-5 Reverse Stock Split.
About this update from Uniroyal Global Engineered Products, Inc.
[{"type":"text","content":"\n SARASOTA, Fla., Jan. 27, 2020 (GLOBE NEWSWIRE) -- Uniroyal Global Engineered Products, Inc. (OTCQB: UNIR), a manufacturer of coated fabrics, today announced that it filed a Certificate of Amendment to its Amended and Restated Articles of Incorporation with the Secretary of State of the State of Nevada to effect a 1-for-5 reverse stock split of shares of the Company’s common stock, par value $0.001 per share. Such amendment and ratio were previously approved by the Company’s stockholders and board of directors on June 5, 2019. The reverse stock split is intended to provide a capital structure that may facilitate further potential business and financing transactions and also increase the trading price of the Company’s common stock. The reverse stock split does not have any impact on the voting and other rights of stockholders and will have no impact on the Company’s business operations or any of its outstanding indebtedness. The reverse stock split is scheduled to take effect after the market closes on January 31, 2020 or such other date determined by the Company’s Chief Executive Officer once the Company receives authorization from FINRA regarding the stock split (the “Effective Date”).  Shares of the Company’s common stock are expected to begin trading on a split-adjusted basis on the next business day after the Effective Date.  As a result of the reverse stock split, every five (5) shares of the Company’s pre-reverse-split common stock will be combined and reclassified into one (1) share of common stock in the same class of common stock as was held prior to the Effective Date.  Trading in the common stock will continue on the OTC under the ticker symbol “UNIR,” but the stock will be assigned a new CUSIP number to distinguish stock certificates issued after the Effective Date. No fractional shares will be issued in connection with the reverse stock split.  Stockholders who would otherwise hold a fractional share of the Company’s common stock will receive payment in cash in lieu of any such resulting fractional shares of common stock, as the post-reverse-split amounts of common stock will be rounded down to the nearest full share.  Such cash payment in lieu of a fractional share of common stock will be calculated by multiplyin...