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|Satcon Announces Effectiveness of 1-for-8 Reverse Stock Split|
Upon effectiveness of the reverse stock split, every eight shares of the company’s issued and outstanding common stock automatically converted into one issued and outstanding share of common stock. No cash or fractional shares were issued in connection with the reverse stock split, and instead the company rounded up to the next whole share in lieu of issuing factional shares that would have been issued in the reverse split.
The reverse stock split, which was approved by Satcon’s stockholders on
For the 20 trading days immediately following the reverse split, Satcon’s common stock will trade on a post-split basis under the trading symbol “SATCD” as an interim symbol to denote the reverse split. After this 20 trading day period, Satcon’s common stock will resume trading under the symbol “SATC.” In addition, the split-adjusted common stock will trade under a new CUSIP number, 803893 403.
Statements made in this press release that are not historical facts or
which apply prospectively are forward-looking statements that involve
risks and uncertainties. These statements include statements regarding
the timing and effectiveness of the reverse stock split. Investors
should not rely on forward looking statements because they are subject
to a variety of risks and uncertainties and other factors that could
cause actual results to differ materially from the company’s
expectations. Additional information concerning risk factors is
contained from time to time in the company’s
Satcon Technology Corporation