BEIJING, Oct. 29, 2015 /PRNewswire/ -- General Steel
Holdings, Inc. ("General Steel" or the "Company") (NYSE: GSI), a
leading non-state-owned steel producer in China, announced today that its Board of
Directors has approved a one-for-five reverse stock split (the
"Reverse Stock Split") of its authorized shares of common stock,
par value $0.001 (the "Common
Stock"). On October 26, 2015, the
Company filed a Certificate of Change with the Secretary of
State of Nevada with an effective
date and time of October 29, 2015 at
7:00 am EDT (the "Effective
Date").
Pursuant to Section 78.207 of the Nevada Revised Statutes, and
pursuant to the Articles of Incorporation of the Company, on
October 20, 2015 by unanimous written
consent, the Board of Directors of the Company authorized the
Reverse Stock Split. The Company believes that existing
shareholders will benefit from the ability to attract a broader
range of investors as a result of the Reverse Stock Split and a
higher per share stock price.
On the Effective Date, every five issued and outstanding shares
of Company Common Stock will be converted into one share of Company
Common Stock, and the number of authorized shares of Company Common
Stock will also be reduced on a one-for-five basis. While the
Company's Common Stock will continue trading on the NYSE on a
split-adjusted basis under the symbol "GSI," it will be assigned a new CUSIP number of
370853 202 following the effectiveness of the Reverse Stock
Split.
As a result of the reverse stock split, the number of
outstanding shares of General Steel's Common Stock will be reduced
from approximately 83 million to approximately 17 million. No
fractional shares will be issued in connection with the Reverse
Stock Split. Instead, the Company will round up to the next full
share of the Company's Common Stock any fractional shares that
result from the Reverse Stock Split.
About General Steel
General Steel Holdings, Inc. is a leading non-state-owned steel
maker headquartered in Beijing,
China. With seven million metric tons of crude steel
production capacity under management, the Company produces a
variety of steel products including rebar and high-speed
wire. In addition to its steel business, the Company also
designs, manufactures, and integrates radio frequency
identification ("RFID") systems. Through its majority equity
interest in Catalon, the Company also develops and manufactures
De-NOx honeycomb catalysts and industrial ceramics.
To be added to the General Steel email list to receive Company
news, or to request a hard copy of the Company's Annual Report on
Form 10-K, please send your request to
investor.relations@gshi-steel.com.
Forward-Looking Statements
This press release may contain certain forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. These statements are based on management's
current expectations or beliefs about future events and financial,
political and social trends and assumptions it has made based on
information currently available to it. The Company cannot assure
that any expectations, forecasts or assumptions made by management
in preparing these forward-looking statements will prove accurate,
or that any projections will be realized. Actual results could
differ materially from those projected in the forward-looking
statements as a result of inaccurate assumptions or a number of
risks and uncertainties. These risks and uncertainties are set
forth in the Company's filings under the Securities Act of 1933 and
the Securities Exchange Act of 1934 under "Risk Factors" and
elsewhere, including those disclosed in the Company's most recent
Annual Report on Form 10-K, filed with the United States Securities
and Exchange Commission. Forward-looking statements contained
herein speak only as of the date of this release. The Company does
not undertake any obligation to update or revise publicly any
forward-looking statements, whether to reflect new information,
future events or otherwise.
Contact Us
General Steel Holdings, Inc.
Joyce Sung
Tel: +1-347-534-1435
Email: joyce.sung@gshi-steel.com
Asia Bridge Capital Limited
Carene Toh
Tel: +1-888-957-3362
Email: generalsteel@asiabridgegroup.com
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SOURCE General Steel Holdings, Inc.
