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7 Star Entertainment Inc. Announces 1-for-150 Reverse Stock Split and Corporate Name Change to 'SpectralCast Inc.'
7 Star Entertainment Inc. Announces 1-for-150 Reverse Stock Split and Corporate Name Change to 'SpectralCast Inc.'.
About this update from Vitality Prime Inc.
[{"type":"text","content":"\n \n \n 7 Star Entertainment Inc. Announces 1-for-150 Reverse Stock Split and Corporate Name Change to 'SpectralCast Inc.'\n \n \n7 Star Entertainment Inc. Announces 1-for-150 Reverse Stock Split and Corporate Name Change to 'SpectralCast Inc.'\n\nReverse Split and Name Change Effective Upon Opening of Trading Tomorrow\n\n \n FORT LAUDERDALE, FL--(Marketwired - Jan 14, 2014) - 7 STAR ENTERTAINNMENT, INC. (OTC Pink: SAEE) today announced that a 1-for-150 reverse stock split will be effective, and reflected in the price of its common stock, when trading opens on January 15th, 2014. The Company is simultaneously changing its name to SpectralCast, Inc.\n The reverse stock split applies to all of the outstanding shares of 7 Star Entertainment Inc.'s common stock, reducing the number of current outstanding shares from 193,796,613 to approximately 1,291,978 shares. The Company's common stock will trade under the symbol \"SAEED\" for a period of 20 trading days as a result of the reverse stock split, and common shares will also trade under a new CUSIP number.\n \"The name change to SpectralCast reflects the Company's quickly approaching transition to a new management team and board of directors, along with the adoption of a broader growth strategy,\" said Carl Conte, Chief Executive Officer of 7 Star Entertainment Inc./SpectralCast Inc. The transition is part of the acquisition of Orbital Laboratories Inc. as mentioned in previous announcements. The Company now expects to have an executed agreement for the acquisition of Orbital within a week with closing to occur by the end of the month. \n Shareholders are not required to send in their current certificates for exchange. Following the reverse stock split, each stock certificate representing issued and outstanding shares of common stock will represent a fewer number of shares. The Company's shareholders of record will receive a letter of transmittal and instructions from the transfer agent, Globex Transfer, regarding procedures for submitting their stock certificates in connection with the reverse split. Those shareholders holding common stock in \"street name\" will receive instructions from their broker if they need to take any action in connection with the reverse split.\n In connection with the name change and reverse stock split, the Company also fixed the number of authorize...