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Uniroyal Global Engineered Products, Inc. Announces Effective Date of Reverse Stock Split
Uniroyal Global Engineered Products, Inc. Announces Effective Date of Reverse Stock Split.
About this update from Uniroyal Global Engineered Products, Inc.
[{"type":"text","content":"\n SARASOTA, Fla., Feb. 20, 2020 (GLOBE NEWSWIRE) -- Uniroyal Global Engineered Products, Inc. (OTCQB:  UNIR), a manufacturer of coated fabrics, today announced that the Company’s Board of Directors has approved an effective date of February 24, 2020 for a 1-for-5 reverse stock split of shares of the Company’s common stock, par value $0.001 per share.  The Company’s common stock will open for trading on the OTCQB on a post-split at 12:01 a.m.  February 24, 2020 under the Company’s trading symbol “UNIR”.  At such time, the Company’s common stock will also commence trading with a new CUSIP number, 90916U206. At the Company’s Annual Stockholder Meeting held on June 5, 2019, Uniroyal Global Engineered Products, Inc. stockholders approved a 1-for-5 reverse stock split.  Thereafter, the Board of Directors approved the filing of the Company’s Amended and Restated Articles of Incorporation to effect the 1-for-5 reverse stock split of the Company’s common stock on January 21, 2020. The reverse stock split is being implemented to increase the per share trading price of the Company’s common stock for the purpose of creating a capital structure that may facilitate further potential business and financing transactions.  The reverse stock split does not have any impact on the voting and other rights of the stockholders and will have no impact on the Company’s business or any of its outstanding indebtedness.  This will reduce the Company’s outstanding ordinary common stock from approximately 17.1 million shares to approximately 3.4 million shares and its outstanding Class B common stock from approximately 1.6 million shares to approximately 324,000 shares. 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 multiplying such fractional interest in one share of common stock by the trading price of the Company’s common stock i...