Air Industries Group Announces 1-for 10 Reverse Stock Split
Air Industries Group (NYSE American: AIRI) announced a reverse stock split at a ratio of 1-for-10, effective at 12:01 a.m. (ET) on October 18, 2022. This action will reduce the number of outstanding shares from 32,324,670 to 3,232,467. The split aims to increase per-share pricing, potentially broadening the investor base, although it does not alter ownership percentages. No notification from NYSE American necessitated this move. The Company will issue new stock certificates, with fractional shares rounded up.
- Reverse stock split may increase share price, potentially attracting more investors.
- No indication from NYSE American necessitated the reverse split, suggesting company stability.
- None.
While the Company noted that forward and reverse stock splits do not change the actual ownership percentages nor have a net effect on the usual valuation yardsticks used by investors, the Air Industries Board of Directors hopes the resulting nominal increase in the price of the shares may have the effect of broadening the base of potential investors. The Company noted that it has not received any notice or indication from the NYSE American, the exchange on which its common stock is currently listed, which would necessitate a reverse stock split.
The Company’s common stock will begin trading on a split-adjusted basis when the market opens on
As a result of the reverse split, each ten (10) pre-split shares of common stock outstanding will automatically combine into one (1) new share of common stock without any action on the part of the holders, and the number of outstanding common shares will be reduced from 32,324,670 shares to 3,232,467 shares.
No fractional shares will be issued as a result of the reverse stock split. Shareholders who otherwise would be entitled to a fractional share because they hold a number of shares not evenly divisible by the 1 (one) for ten (10) reverse split ratio, will automatically be entitled to receive an additional fractional share of the Company’s common stock to round up to the next whole share.
The Company’s transfer agent,
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Additional information about the Company can be found in its filings with the
Forward Looking Statements
Certain matters discussed in this press release are 'forward-looking statements' intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. In particular, the Company's statements regarding trends in the marketplace, future revenues, earnings and Adjusted EBITDA, the ability to realize firm backlog and projected backlog, cost cutting measures, potential future results and acquisitions, are examples of such forward-looking statements. The forward-looking statements are subject to numerous risks and uncertainties, including, but not limited to, the timing of projects due to variability in size, scope and duration, the inherent discrepancy in actual results from estimates, projections and forecasts made by management, regulatory delays, changes in government funding and budgets, and other factors, including general economic conditions, not within the Company's control. The factors discussed herein and expressed from time to time in the Company's filings with the
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Investor Relations
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