Solar3D Inc (OTCMKTS:SLTD), one of the top providers of solar solutions and manufacturer of high efficiency solar cell, announced that it has completed a one for twenty-six reverse split of its issued and outstanding common share. The reverse split will be effective February 25, 2015. The process was initiated as the company prepares for uplisting of its common shares on a senior exchange.
Jim Nelson, the CEO of Solar3D Inc (OTCMKTS:SLTD) said that the reverse stock split decision was taken so as to meet the price guidelines as required for listing on a senior exchange. The shareholders and Board of Directors mutually agreed for reverse stock split and supported the initiative. The step will broaden company’s shareholder base and increase liquidity in our common stock. The management will take all necessary steps to fulfill this objective.
As the market opens on February 25, 2015, Solar3D shares will trade under the ticker “SLTDD”. An additional D will be there in the ticker for twenty trading days. It implies that the reverse stock split has been implemented. Solar3D Inc (OTCMKTS:SLTD)’s common stock gets a new CUSIP number 83417A209 as a result of the reverse split.
The common shares
Solar3D said that after the Reverse Split of company’s stock, the total issued and outstanding common shares will reduce to almost 14.7 million from approximately 381.7 million, subject to adjustment for fractional common shares. Solar3D Inc (OTCMKTS:SLTD) confirmed that no fractional shares will be issued, and will be rounded up to the whole share. The number of common shares underlying the warrants, convertible securities, options or other rights to get shares of company’s common stock will be adjusted accordingly.
Solar3D Inc (OTCMKTS:SLTD) division SUNworks focuses on the design and installation of solar power systems for agricultural, residential and commercial customers. It is one of the popular solar system providers in California. The technology division is working on a patent-pending three-dimensional solar cell technology that will enhance the conversion of sunlight into electricity.