Electronic Cigarettes International Group Completes Reverse Stock Split
GRAND RAPIDS, Mich.--(BUSINESS WIRE)-- Electronic Cigarettes International Group, Ltd. (The “Company”) (OTCBB: ECIG), a global marketer and distributor of electronic cigarette and vapor products whose brands include FIN, Vapestick, Victory, VIP, and others, today announced that it has completed a one-for-fifteen reverse split of its outstanding common stock. Beginning with the opening of trading on Tuesday, March 24, 2015, the Company’s common stock will trade on a split-adjusted basis, with a new CUSIP of 285560207. As per FINRA regulations, a “D” will be placed at the end of the Company’s ticker symbol for 20 business days (“ECIGD”), after which, the symbol will revert back to “ECIG.”
On March 10, 2015, the Company’s stockholders approved a proposal to give the Company’s Board of Directors the authority to effect a reverse split of the outstanding common stock. The Board of Directors subsequently approved the one-for-fifteen ratio.
Every fifteen shares of the Company’s issued and outstanding common stock were automatically converted into one issued and outstanding share of common stock, with no change in par value per share. As a result, each stockholder's percentage ownership interest and proportional voting power remains unchanged and the rights and privileges of the holders of the Company's common stock are unaffected. Stockholders are not required to take any action. (Example: in a 1-for-15 reverse split, a shareholder that held 15,000 shares at $0.10 per share, for a total value of $1,500, will now own 1,000 shares, or one-fifteenth the number of shares as previously, at a value of $1.50 per share, fifteen times the pre-split price, for the same total value of $1,500.)
No fractional shares will be issued following the reverse split. Stockholders who would otherwise be entitled to receive a fractional share will instead receive a cash payment based on the closing sales price of the Company's common stock on the last business day immediately preceding the effective date of the reverse stock split.
About Electronic Cigarettes International Group, Ltd. (ECIG)
Electronic Cigarettes International Group (ECIG) is dedicated to providing a compelling alternative to traditional cigarettes for the more than 1 billion current smokers around the world. ECIG is a fast growing independent electronic cigarette company, and owns the trademarks VAPESTICK®, FIN®, Victory®, VIP®, and others. The Company owns multiple subsidiary companies and has operations in North America and Western Europe. ECIG offers consumers a full product portfolio that incorporates product quality and the latest technology. The Company’s website is www.ecig.co.
|
