Clean Coal Technologies (CCTC) Announces One-For-100 Reverse Stock Split
Clean Coal Technologies, Inc. (OTC PINK:CCTC) announced a one-for-100 reverse stock split effective July 13, 2022, as approved by stockholders on June 15, 2022. The split will reduce the number of outstanding shares from approximately 499 million to 5 million. Following the split, the trading symbol will change to CCTCD for 20 business days before reverting to CCTC. The reverse split aims to strengthen the company's stock price and is part of its broader business strategy.
- Reverse stock split aimed at increasing stock price attractiveness.
- Reduction of outstanding shares from 499,829,763 to approximately 4,998,298.
- Reverse stock splits may indicate prior low stock prices, affecting investor confidence.
NEW YORK, NY / ACCESSWIRE / July 12, 2022 / Clean Coal Technologies, Inc., (OTC PINK:CCTC) ("CCTI" or the "Company"), a clean-energy company utilizing patented and proven technology to convert run of mine coal into a cleaner burning and more efficient stabilized fuel, today announced today that FINRA will publish the Company's one for 100 (1:100) reverse stock split of the Company's common stock on July 12, 2022, accessible via FINRA'S Daily List for Over The Counter Equities, with a Market Effective Date of July 13, 2022.
When the reverse stock split becomes effective, every 100 shares of the Company's issued and outstanding 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 reverse split will reduce the number of outstanding shares of the Company's common stock from 499,829,763 shares to approximately 4,998,298 shares (before effecting the rounding of fractional shares into whole shares as described below) shares.
At the effective time of the reverse stock split, the shares of the Company's common stock will begin trading on a split-adjusted basis, and the Company's trading symbol will change to "CCTCD." The "D" will be removed 20 business days after the effective date, and the trading symbol will revert to the original symbol of "CCTC. In connection with the reverse stock split, the Company's CUSIP number will change for all newly traded or issued shares.
No fractional shares will be issued, and no cash or other consideration will be paid. Instead, the Company will issue one whole share of the post-split common stock to any stockholder who otherwise would have received a fractional share due to the reverse stock split.
Stockholders of record holding shares in book-entry form will not need to take any action to receive post-reverse split shares. Stockholders holding shares in "street name" (i.e., through a bank, broker, custodian, or other nominee), banks, brokers, custodians, or other nominees will be instructed to effect the reverse stock split for their beneficial holders. Stockholders holding paper certificates may (but are not required to) exchange their stock certificates for new stock certificates reflecting the reverse stock split. Any stockholders interested in doing so should contact the Company's transfer agent, World Wide Stock Transfer, by calling (201) 820-2008.
Stockholders will be responsible for all fees incurred in connection with exchanging their paper certificates for new stock certificates.
All options, warrants, and convertible securities of the Company outstanding immediately prior to the reverse stock split will be appropriately adjusted by dividing the number of shares of common stock into which the options, warrants, and convertible securities are exercisable or convertible by 100 and multiplying the exercise or conversion price thereof by 100.
Stockholders holding a majority of the Company's outstanding shares of common stock approved the reverse stock split at a Special Stockholders' Meeting held on June 15,2022.The Company filed Articles of Amendment with the Nevada Secretary of State on July 11, 2022.
"We would like to thank all stockholders who voted to support this proposal and we are very pleased to be able to now adapt and implement our comprehensive business strategy" stated COO Aiden Neary
About Clean Coal Technologies, Inc.
Clean Coal Technologies, Inc., a cleaner-energy technology company with headquarters in New York City, NY, holds patented process technology and other intellectual property that converts raw coal into a cleaner burning fuel. The Company's trademarked end products, "Pristine" coals, are significantly more efficient, less polluting, more cost-effective, and provide more heat than untreated coal. The principal elements of the Company's pre-combustion technology are based on well-proven science and tried-and-tested industrial components. The Company's clean coal technology may reduce some
Forward Looking Statements
This release may include forward-looking statements related to CCTI's plans, beliefs and goals, which involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Such statements include, but are not limited to, statements about CCTI's plans, objectives, expectations and intentions with respect to future operations, its products, its ability to secure financing for its operations, the impact on the industry and other statements identified by words such as "will," "potential," "could," "can," "believe," "intends," "continue," "plans," "expects," "anticipates," "estimates," "may," and other words of similar meaning or the use of future dates. Additional details about CCTI's business and its operations that could affect CCTI's actual results are described in CCTI's filings with the Securities and Exchange Commission, including the "Risk Factors" that are part of its most recent annual report on Form 10-K for the year ended December 31, 2021 and in each of its subsequently filed periodic reports. All forward-looking statements in this release speak only as of the date of this news release. CCTI undertakes no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
For More information please contact:
Sean Mahoney, Media consultant:
smahoney@cleancoaltechnologiesinc.com
SOURCE: Clean Coal Technologies, Inc.
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FAQ
What is the reverse stock split announcement for CCTC?
How will the reverse stock split affect CCTC shares?
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