Astrotech Announces 1-for-5 Reverse Stock Split
14 October 2017 - 7:05AM
Business Wire
Astrotech (NASDAQ: ASTC) today announced a 1-for-5 reverse split
of its outstanding shares of common stock that will take effect at
6:30 a.m. EDT on Monday, October 16, 2017. Astrotech's common stock
will open for trading on the NASDAQ Capital Market on such date on
a split-adjusted basis under the existing trading symbol "ASTC."
The reverse stock split was approved by the board of directors of
the Company on October 12, 2017 and is intended to increase the per
share trading price of the Company's common stock to enable the
Company to satisfy the minimum bid price requirement for continued
listing on the NASDAQ Capital Market.
The 1-for-5 reverse stock split will automatically convert five
current shares of Astrotech's common stock into one new share of
common stock. 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 a
cash payment in lieu thereof at a price equal to that fraction to
which the shareholder would otherwise be entitled multiplied by the
closing price of the Company's common stock on the NASDAQ Capital
Market on October 13, 2017. The reverse split will reduce the
number of shares of outstanding common stock from approximately
22.5 million shares to approximately 4.5 million shares. The number
of authorized shares of common stock will also be reduced from 75
million shares to 15 million shares. Proportional adjustments also
will be made to the exercise prices of the Company's outstanding
stock options, and to the number of shares issued and issuable
under the Company's stock incentive plans.
American Stock Transfer & Trust Company (“American”) will
act as the exchange agent for the reverse stock split. Stockholders
holding their shares electronically in book-entry form are not
required to take any action to receive post-split shares.
Stockholders owning shares through a bank, broker or other nominee
will have their positions automatically adjusted to reflect the
reverse stock split, subject to brokers’ particular processes, and
will not be required to take any action in connection with the
reverse stock split. For those stockholders holding physical stock
certificates, American will send instructions for exchanging those
certificates for shares held electronically in book-entry form or
for new certificates, in either case representing the post-split
number of shares.
In connection with the reverse stock split, the Company's CUSIP
number will change to 046484200 as of October 16, 2017.
About Astrotech
Astrotech Corporation (NASDAQ: ASTC) is an innovative science
and technology company that invents, acquires, and commercializes
technological innovations sourced from research institutions,
laboratories, universities, and internally, and then funds,
manages, and builds proprietary, scalable start-up companies for
profitable divestiture to market leaders to maximize shareholder
value. Sourced from Oak Ridge Laboratory’s chemical analyzer
research, 1st Detect develops, manufactures,
and sells chemical analyzers for use in the security, defense,
healthcare, food and beverage, and environmental markets. Sourced
from decades of image research from the laboratories of IBM and
Kodak, Astral Images sells film-to-digital image
enhancement, defect removal and color correction software, and post
processing services providing economically feasible conversion of
television and feature 35mm and 16mm films to the new 4K ultra-high
definition (UHD), high-dynamic range (HDR) format necessary for the
new generation of digital distribution. Sourced from NASA’s
extensive microgravity research, Astrogenetix is applying a
fast-track, on-orbit discovery platform using the International
Space Station to develop vaccines and other therapeutics.
Demonstrating its entrepreneurial strategy, Astrotech management
sold its state-of-the-art satellite servicing operations to
Lockheed Martin in August 2014. Astrotech has operations throughout
Texas and is headquartered in Austin. For more information, please
visit www.astrotechcorp.com.
This press release contains forward-looking statements that are
made pursuant to the Safe Harbor provisions of the Private
Securities Litigation Reform Act of 1995. Such forward-looking
statements are subject to risks, trends, and uncertainties that
could cause actual results to be materially different from the
forward-looking statement. These factors include, but are not
limited to, whether we can successfully develop our proprietary
technologies and whether the market will accept our products and
services, as well as other risk factors and business considerations
described in the Company’s Securities and Exchange Commission
filings including the annual report on Form 10-K. Any
forward-looking statements in this document should be evaluated in
light of these important risk factors. The Company assumes no
obligation to update these forward-looking statements.
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version on businesswire.com: http://www.businesswire.com/news/home/20171013005566/en/
Company Contact:Astrotech CorporationEric Stober,
512-485-9530Chief Financial OfficerorIR ContactLHA Investor
RelationsCathy Mattison, 415-433-3777ir@astrotechcorp.com
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