LONG ISLAND CITY, NY – Effective June 13, Cemtrex 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 firm’s common stock will continue to trade under the symbol CETX.
Every six shares of issued and outstanding common stock before the open of business on June 13 will be combined into one issued and outstanding share of common stock, with no change in par value per share. Cemtrex’s common stock will open for trading on Nasdaq on June 13 on a post-split basis.
The reverse stock split will reduce the number of shares of the company's outstanding common stock from approximately 16.7 million shares to approximately 2.8 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.