QKL Stores (Nasdaq:QKLS): Market Mover Today +36%
Posted on June 12, 2012 at 13:56 PM EDT
Northern, WI 6/12/12 (StreetBeat) -- QKL Stores (QKLS), a leading regional supermarket chain in Northeastern China, today announced that on June 11, 2012, the Company filed a Certificate of Amendment to the Company's Certificate of Incorporation, as amended to date (the "Certificate of Amendment"), with the Secretary of State of the State of Delaware to effect a one-for-three reverse stock split (the "Reverse Split") of the issued and outstanding common stock of the Company, so that every three (3) outstanding shares of common stock before the Reverse Split represents one (1) share of common stock after the Reverse Split. The Reverse Split became effective on and as of June 11, 2012. The Reverse Split was duly approved by the Board of Directors of the Company and the Company's shareholders entitled to vote a majority of the shares of common stock pursuant to Delaware General Corporation Law. As a result of the Reverse Split, the number of outstanding shares of common stock of the Company will be reduced to approximately 10.5 million shares. Fractional stockholdings will be rounded up to the nearest whole number. Each shareholder's percentage ownership interest in the Company and proportional voting power remains unchanged after the Reverse Split except for minor changes and adjustments resulting from rounding of fractional interests. The rights and privileges of the holders of common stock are substantially unaffected by the Reverse Split. The shareholders of common stock should contact their broker or the Company's transfer agent, Empire Stock Transfer Inc. at (702) 818-5898, for instruction relating to the reverse split procedures. The Reverse Split is part of the Company's strategy to maintain the listing of its shares on the NASDAQ Capital Market. At the market opening on June 12, 2012, the Company's common stock expects to begin trading on The NASDAQ Stock Market on a post-split adjusted basis under a new CUSIP number. The Company's ticker symbol of "QKLS" will remain unchanged as a result of the Reverse Split, although it is expected that NASDAQ will append a "D" to the Company's ticker symbol for approximately 20 trading days following the effective date of the Reverse Split to indicate the completion of the Reverse Split. Distributed by Viestly
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