SANTA CLARA, Calif., April 5, 2012 /PRNewswire/ -- DayStar Technologies, Inc. (Nasdaq: DSTI), a developer of solar photovoltaic products based on CIGS thin-film deposition technology, announced information today regarding its reverse stock split.
As previously announced, on March 27, 2012, the Company's stockholders approved a 1-for-7 reverse stock split of its common stock. The reverse stock split will be effective at 5:00 pm, Eastern Time, on April 5, 2012. DayStar's common stock will begin trading on NASDAQ on a split adjusted basis when the market opens on April 9, 2012.
The reverse split will reduce the number of shares of the Company's common stock outstanding from approximately 11 million shares to approximately 1.6 million shares. Proportional adjustments will be made to DayStar's outstanding stock options and other equity incentive awards, and its equity compensation plans. The Company's authorized shares will remain unchanged.
Information For StockholdersUpon execution of the reverse split, DayStar shareholders will receive one new share of DayStar common stock for every seven shares held. Record holders of DayStar common stock will receive a letter of transmittal shortly after the effective date with instructions for the exchange of stock certificates. Stockholders with shares in brokerage accounts will be contacted by their brokers with instructions. Computershare will act as the exchange agent, and can be contacted at (800) 546-5141 (domestic holders) or 1-781-575-2765 (international holders). DayStar will not issue fractional shares as a result of the reverse stock split. Any fractional shares will be rounded up to the next whole number. For more information on DayStar's reverse stock split, please refer to the proxy materials previously sent out which can also be accessed through the Company's website at http://www.daystartech.com. About DayStar Technologies, Inc.