Probe Manufacturing, Inc., (OTC QB: PMFI), a global electronics design & manufacturing services company, (the "Company"), today announced that the planned one-for-ten reverse stock split of the Company's issued and outstanding shares of common stock, par value $0.001 per share (the "Common Stock"), will become effective and will commence trading on a split-adjusted basis on the OTC Market QB upon the open of trading on January 22, 2013. Per FINRA guidelines a “D” will be placed on the ticker symbol for 20 business days. After 20 business days, the symbol will revert back to the original symbol PMFI but will trade under a new CUSIP number, 74266S 20 1.
The reverse stock split was previously approved by the Company's board of directors and by shareholders at the 2012 Annual General Meeting of Shareholders held on November 28, 2012.
Upon effectiveness of the reverse stock split, each ten (10) shares of the Company's issued and outstanding Common Stock will be automatically and without any action on the part of the respective holders thereof combined and converted into one (1) issued and outstanding share of Common Stock. This reduced the number of issued and outstanding shares of the Company's Common Stock from approximately 200 million to approximately 20 million. The reverse stock split will affect all issued and outstanding shares of the Company's Common Stock, as well as Common Stock underlying stock options outstanding immediately prior to the effectiveness of the reverse stock split. The number of authorized shares of the Company's Common Stock will not be affected by the reverse split.
No fractional shares will be issued in connection with the reverse stock split. In order to avoid the expense and inconvenience of issuing and transferring fractional shares of the Company’s Common Stock to shareholders who would otherwise be entitled to receive fractional shares of Common Stock following the reverse stock split, any fractional shares which result from the reverse stock split will be rounded up to the next whole share.