Empire Resorts, Inc., (NASDAQ-GM: NYNY) (“Empire” or the “Company”) today announced it filed a Certificate of Amendment to its Amended and Restated Certificate of Incorporation (the “Amendment”) to implement a one-for-three reverse split (the “Reverse Split”) of its common stock, $.01 par value per share. The Amendment became effective on December 13, 2011 (the “Effective Time”). The Amendment did not change the par value of the common stock or the number of shares of common stock Empire is authorized to issue. Stockholders holding shares representing a majority of the Empire’s outstanding voting power approved the Amendment at the annual meeting of stockholders held on December 13, 2011.
At the Effective Time, immediately and without further action by Empire’s stockholders, every three (3) shares of Empire’s pre-split common stock will automatically be converted into one (1) share of post-split common stock.
The split-adjusted shares of Empire’s common stock will begin trading on the Nasdaq Global Market on Wednesday, December 14, 2011 under the symbol “NYNYD,” with a “D” added for 20 trading days to signify that the Reverse Split has occurred. The new CUSIP number assigned to Empire’s common stock because of the Reverse Split is 292052206.
Emanuel Pearlman, Chairman of the Board of Directors of Empire, stated the following: “We anticipate that with the approval of the Reverse Split, our common stock will continue to trade on the Nasdaq Global Market. We believe that this will permit the Company to have financing flexibility as we continue with our efforts to grow Empire.”Continental Stock Transfer & Trust Company, Empire’s transfer agent, will act as exchange agent for the exchange. Stockholders will receive forms and notices to exchange their existing shares for new shares from the exchange agent or their broker. About Empire Resorts, Inc. Empire owns and operates, through its subsidiary Monticello Raceway Management, Inc., the Monticello Casino & Raceway, a harness horse racing track and casino located in Monticello, New York and 90 miles from midtown Manhattan. For additional information, please visit www.empireresorts.com. Cautionary Statement Regarding Forward Looking Information Statements in this press release regarding the company’s business that are not historical facts are “forward-looking statements” that may involve material risks and uncertainties. The company wishes to caution readers not to place undue reliance on such forward-looking statements, which statements are made pursuant to the Private Securities Litigation Reform Act of 1995, and as such, speak only as of the date made. For a full discussion of risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see “Risk Factors” in the company’s Annual Report on Form 10-K for the most recently ended fiscal year, as amended, as well as the company’s Quarterly Report on Form 10-Q for the most recently ended fiscal quarter.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV