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Varitek Announces Reverse Stock Split.
Business Editors & High-Tech Writers
HOUSTON--(BUSINESS WIRE)
Varitek Industries Inc. ("VATK") announced today that the board of directors had approved a one share for eight share (1-for-8) reverse split of its outstanding common stock. The reverse split will not otherwise impact its capital structure. The reverse split was based on the Company's closing price as reported in the Pink Sheets maintained by the National Quotation Bureau. The closing price on Dec. 21, 2001, was $1.01 per share. While the Company originally expected this to be effective at the commencement of trading on Monday, Dec. 24, it was not possible for the Company to obtain its new CUSIP number in time and therefore the actual trading, taking into consideration the reverse split, will probably not commence until either Thursday, Dec. 27, or Friday, Dec. 28. A further announcement, which will include the new CUSIP number, will be made as the CUSIP number becomes available. The trading symbol (VATK) will not change.
The Company will be forwarding to all shareholders of record a transmittal letter defining in detail the rights and obligations of each shareholder. As stated in the Proxy Statement, shareholders who hold less than one share will be paid based on the closing bid price on Dec. 21, 2001, of $1.01 per share. All other shareholders who would otherwise have fractional shares will be rounded up to the next whole share. It will not be necessary for a shareholder to return his or her certificate prior to engaging in stock transactions, as the combination of the shares will be automatic.
ABOUT VARITEK INDUSTRIES INC
Varitek is a ...
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Source: HighBeam Research, Varitek Announces Reverse Stock Split.