ADPT Corporation Changes Name To Steel Excel Inc. And Completes Reverse/Forward Stock Split
ADPT Corporation (Other OTC: ADPT.PK) (the “Company”) announced today that it has changed its name from ADPT Corporation to Steel Excel Inc. The Company has applied for a new ticker symbol for its shares of common stock for trading on the Pink Sheets. Until such time as the new ticker symbol is effective, shares of the Company’s common stock will continue to trade under its existing ticker symbol.
The Company also announced that it has completed its previously announced reverse stock split of its common stock at a ratio of 1-for-500 (the “Reverse Split”) and a forward stock split of its common stock at a ratio of 50-for-1 (the “Forward Split,” and together with the Reverse Split the “Reverse/Forward Split”). Following the Reverse/Forward Split, which was effective after the close of business on October 3, 2011, stockholders holding 500 or more of old shares of the Company’s common stock have become entitled to one new share of the Company’s common stock in exchange for 10 of their old shares. Such stockholders have also become entitled to a cash payment for any fractional shares resulting from such exchange, which they will receive, together with the new shares, upon surrendering their old shares to the Company’s transfer agent, Registrar and Transfer Company. Following the Reverse Split, stockholders holding less than 500 old shares of the Company’s common stock have become entitled to a cash payment in exchange for their old shares. The cash payment that each cashed out stockholder or remaining stockholder is eligible to receive is based upon such stockholder’s pro rata share of the total net proceeds received in the sale of the aggregated fractional shares by the Company’s transfer agent at prevailing prices on the open market. This stock sale may take several days to complete. For more information regarding the Reverse/Forward Split, please refer to the Proxy Statement relating to the Company’s stockholder meeting held on May 25, 2011 that was previously mailed to stockholders.
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