Cemtrex Inc. (Nasdaq: CETX, CETXP, CETXW), a leading global technology
company, today announced that effective at 9:00 a.m., EDT, on June 13,
2019, the Company will effect a six-for-one reverse stock split of its
outstanding common stock.
The reverse stock split is primarily intended to bring the Company into
compliance with the minimum average closing share price requirement for
maintaining its listing on the Nasdaq Capital Market. The Company’s
common stock will continue to trade under the symbol “CETX”. Upon the
effectiveness of the reverse stock split, every six shares of issued and
outstanding common stock before the open of business on June 13, 2019
will be combined into one issued and outstanding share of common stock,
with no change in par value per share. The Company’s common stock will
open for trading on Nasdaq on June 13, 2019 on a post-split basis.
The reverse stock split will reduce the number of shares of the
Company’s outstanding common stock from approximately 16,737,009 million
shares to approximately 2,789,502 million shares. No fractional shares
will be issued as a result of the reverse stock split. Any fractional
shares that would result from the reverse stock split will be rounded up
to the nearest whole share.
The reverse stock split will affect all issued and outstanding shares of
the Company’s common shares, as well as the number of shares of common
shares available for issuance under the Company’s stock options and
warrants. In addition, the reverse stock split will reduce the number of
shares of common shares issuable upon the exercise of stock options or
warrants outstanding immediately prior to the reverse split and
correspondingly increase the respective exercise prices. The reverse
stock split will affect all shareholders uniformly and will not alter
any shareholder’s percentage interest in the Company’s equity, except to
the extent that the reverse stock split results in some shareholders
experiencing an adjustment of a fractional share as described above.
Shareholders holding share certificates will receive information from
Clear Trust, LLC the Company’s transfer agent, regarding the process for
exchanging their shares of common stock. Shareholders with questions may
contact our transfer agent by calling 813-235-4490.
About Cemtrex
Cemtrex, Inc. (CETX) is a diversified technology company that’s driving
innovation in a wide range of sectors, including smart technology,
virtual and augmented realities, advanced electronic systems, industrial
solutions, and intelligent security systems.
Safe Harbor Statement
This press release contains “forward-looking statements” within the
meaning of the Private Securities Litigation Reform Act of 1995,
including statements relating to our new product offerings or any
proposed fundraising activities. These forward-looking statements are
based on management’s current expectations and are subject to certain
risks and uncertainties that could cause actual results to differ
materially from those set forth in or implied by such forward looking
statements. These risks and uncertainties include, but are not limited
to: operational losses and negative cash flows; any need for additional
financing; market acceptance of our products; our ability to manufacture
and develop effective products and solutions; indebtedness to our
lenders; current and future economic conditions that may adversely
affect our business and customers; potential fluctuation of our revenues
and profitability from period to period which could result in our
failure to meet expectations; our ability to maintain adequate levels of
working capital; our ability to incentivize and retain our current
senior management team and continue to attract and retain qualified
scientific, technical and business personnel; our ability to expand our
product offerings or to develop other new products and services; our
ability to generate sales and profits from current product offerings;
rapid technological changes and new technologies that could render
certain of our products and services to be obsolete; competitors with
significantly greater financial resources; introduction of new products
and services by competitors; challenges associated with expansion into
new markets; and, other factors discussed under the heading “Risk
Factors” contained in our Form 10-K filed with the Securities and
Exchange Commission. All information in this press release is as of the
date of the release and we undertake no duty to update this information
unless required by law.
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