MWW Automotive Group Announces Reverse Stock Split To Improve Share Price And Market Exposure
HOWELL, Mich., July 11, 2012 /PRNewswire/ -- MWW Automotive Group (OTCQB: MWWC), a global design, engineering, and manufacturing firm serving some of the world's leading automotive and industrial manufacturers, announced today plans to implement a 300 to 1 reverse split of its common stock (the "Reverse Stock Split"). The Company's common stock will begin trading on a split-adjusted basis on July 12, 2012. The reverse split will not change the value of the shareholder investment, but there can be no assurance that the opening bid price can be maintained over time. As a result of the Reverse Split, the Company's outstanding shares have been reduced to less than Four Million shares.
Due to the Reverse Stock Split, MWWC's common stock will now trade under a new CUSIP number 57061T 201 and trade under the symbol "MWWCD" following the reverse split on the Over The Counter (OTCQB:MWWC). The symbol will revert back to its original symbol "MWWC" after twenty (20) business days. The Reverse Split was approved by the Board of Directors of the Company and the Company's shareholders entitled to vote a majority of the shares of common stock pursuant to Delaware General Corporation Law.
As a result of the Reverse Stock Split, each outstanding share of MWW common stock was automatically changed into one-three-hundreds of a share of common stock. The number of authorized shares of MWWC common stock will remain at 5,100,000,000 on a post-split basis, as earlier announced. Continental Stock Transfer & Trust Company is the exchange agent for the Reverse Stock Split and will distribute a letter of transmittal to record holders with instructions for the surrender and exchange of old stock certificates. Stockholders who hold their shares in "street name" will be contacted by their banks or brokers with any instructions. For more information on the Reverse Stock Split, please refer to MWW's filings with the Delaware Secretary of State which can also be accessed through MWW's website at www.mwwautomotive.com
Michael Winzkowski, Chairman of the Board for MWW Automotive Group states: "After careful consideration by the Company's Board of Directors and in consultation with the management team, the Board agreed to execute a 300/1 reverse split in order to increase the share price and expose the stock to additonal new investors and ease stock transactions for MWW's existing shareholders. While we fully understand the concerns about Reverse Splits in general, the MWW Board strongly believes that the Company's business development requires and justifies this step and that it will be to the benefit of all shareholders in the mid and long term".
Select the service that is right for you!COMPARE ALL SERVICES
- $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
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV