Satcon Technology Corporation® (NASDAQ CM:SATC), a leading provider of utility scale power conversion solutions for the renewable energy market, today confirmed that the previously announced 1-for-8 reverse split of its common stock, $0.01 par value per share, took effect at 12.01 a.m. on July 19, 2012. Satcon’s common stock began trading on a post-split basis on The NASDAQ Capital Market as of the opening of trading today.
Upon effectiveness of the reverse stock split, every eight shares of the company’s issued and outstanding common stock automatically converted into one issued and outstanding share of common stock. No cash or fractional shares were issued in connection with the reverse stock split, and instead the company rounded up to the next whole share in lieu of issuing factional shares that would have been issued in the reverse split.
The reverse stock split, which was approved by Satcon’s stockholders on June 20, 2012, reduced the outstanding number of shares of common stock from approximately 144.2 million to approximately 18.0 million. Concurrent with the reverse stock split, Satcon reduced the number of authorized shares of its common stock to 37.5 million.
For the 20 trading days immediately following the reverse split, Satcon’s common stock will trade on a post-split basis under the trading symbol “SATCD” as an interim symbol to denote the reverse split. After this 20 trading day period, Satcon’s common stock will resume trading under the symbol “SATC.” In addition, the split-adjusted common stock will trade under a new CUSIP number, 803893 403.American Stock Transfer & Trust Company, LLC, the company’s transfer agent, is acting as the exchange agent for the reverse stock split. Stockholders with shares held in brokerage accounts or “street name” are not required to take any action to effect the exchange of their shares. Stockholders who have existing stock certificates will receive instructions from the transfer agent regarding the process for exchanging their shares shortly after July 19, 2012.