Aemetis, Inc. (OTC.QB: AMTX) today announced a 1-for-10 reverse
stock split in anticipation of listing on a national exchange.
“Aemetis continues to make steady progress toward national listing,”
said Eric McAfee, Chairman and Chief Executive Officer of Aemetis, Inc.
“The shareholders have strongly supported this important step in growing
the company,” added McAfee.
The reverse stock split was approved by more than a majority of Aemetis’
stockholders as of May 9, 2014, and, accordingly, Aemetis concluded its
consent solicitation for approval of the reverse stock split early.
Following such stockholder approval and approval of Aemetis’ board of
directors, on May 9, 2014, Aemetis filed a Certificate of Change with
the Secretary of State of the State of Nevada effecting the split, which
has the effect of amending Aemetis’ Articles of Incorporation.
The reverse stock split will be effective with the Financial Industry
Regulatory Authority after the close of trading on May 14, 2014, and
Aemetis common stock will begin trading on a split adjusted basis at the
opening of trading on May 15, 2014. When the reverse stock split becomes
effective, every ten shares of issued and outstanding Aemetis common
stock will be automatically combined into one issued and outstanding
share of common stock without any change in the par value per share. The
number of outstanding shares of Aemetis common stock will be reduced
from approximately 201.7 million shares to approximately 20.2 million
shares.
Aemetis common stock will continue trading on the OTC.QB under the
symbol “AMTX,” with a “D” placed after this stock symbol for 20 business
days.
Stockholders who would otherwise hold a fractional share of Aemetis
common stock following the reverse stock split will receive a whole
number of shares rounded up to the next whole number in lieu of a
fractional share. For stockholders who hold physical stock certificates,
Aemetis’ transfer agent, Corporate Stock Transfer, will transmit
instructions for exchanging said certificates for new certificates,
representing the post-split number of shares.
Additional information on the treatment of fractional shares and other
effects of the reverse stock split can be found in Aemetis’ definitive
proxy statement filed with the Securities and Exchange Commission on May
7, 2014.
About Aemetis
Headquartered in Cupertino, California, Aemetis is an advanced fuels and
renewable chemicals company that was founded in 2006. Aemetis owns and
operates a 55 million gallon ethanol and 420,000 ton animal feed plant
in California that is the first upgraded facility approved by the EPA to
produce D5 Advanced Biofuels using the milo/biogas/CHP pathway. Aemetis
also built, owns and operates a 50 million gallon capacity renewable
chemicals and advanced fuels production facility on the East Coast of
India producing high quality, distilled biodiesel and refined glycerin
for customers in Europe and Asia. Aemetis operates a research and
development laboratory at the Maryland Biotech Center, and holds five
granted patents on its Z-microbe and related technology for the
production of renewable fuels and biochemicals. For additional
information about Aemetis, please visit aemetis.com.
Safe Harbor Statement
This press release contains forward-looking statements, including
statements regarding our assumptions, projections, expectations,
targets, intentions or beliefs about future events or other statements
that are not historical facts. Forward-looking statements in this press
release include, without limitation, statements regarding the listing of
our common stock on a national securities exchange. Words or phrases
such as “anticipates,” “may,” “will,” “should,” “believes,” “estimates,”
“expects,” “intends,” “plans,” “predicts,” “projects,” “targets,” “will
likely result,” “will continue” or similar expressions are intended to
identify forward-looking statements. These forward-looking statements
are based on current assumptions and predictions and are subject to
numerous risks and uncertainties. Actual results or events could differ
materially from those set forth or implied by such forward-looking
statements and related assumptions due to certain factors, including,
without limitation, the risk that the market price of our common stock
may decline following the reverse stock split such that we are unable to
satisfy the listing standards for a national securities exchange, the
risk that we will not be able to satisfy other requirements for the
listing of our common stock on a national securities exchange,
competition in the ethanol and other industries in which we operate,
commodity market risks including those that may result from current
weather conditions, financial market risks, counter-party risks, risks
associated with changes to federal policy or regulation, risks
associated with the conversion of the Keyes plant to the use of sorghum
for ethanol production and other risks detailed in our reports filed
with the Securities and Exchange Commission, including our Annual Report
on Form 10-K for the year ended December 31, 2013, and in our subsequent
filings with the SEC. We are not obligated, and do not intend, to update
any of these forward-looking statements at any time unless an update is
required by applicable securities laws.
Copyright Business Wire 2014