Embark Holdings Files A Reverse Stock Split, Symbol Change And Reduces Authorized Shares
MISSION VIEJO, Calif., Feb. 12, 2013 (GLOBE NEWSWIRE) -- Embark Holdings, Inc. (OTC:GFMD) received notification that effective February 14, 2013 Financial Industry Regulatory Authority ("FINRA") will complete the process of a 1 for 2000 reverse stock split and a symbol change. This action followed stockholder approval by written consent of the majority of the stockholders taken without a meeting on January 2, 2013 which approval granted authority to the Company's Board of Directors to affect a reverse stock split of the Company's authorized issued common stock, a symbol change and reduce the authorized common stock from 2,000,000,000 (2 Billion) to 500,000,000 (Five Hundred Million).
The company will have a new CUSIP number of 29079E203 starting on February 14, 2013. As part of the reverse stock split, FINRA will append a "D" to the Company's ticker symbol to indicate the completion of the reverse split. After 30 business days following the reverse split, FINRA will remove the "D" from the new symbol.
Additional Information for ShareholdersNo shareholder should take any action with respect to the reverse stock split at this time. Shareholders, who hold their shares in brokerage accounts also, known as holding the shares in "street name", will not be required to take any action after the reverse split becomes effective. The number of their shares of the Company's common stock will be automatically adjusted to reflect the number of shares as adjusted by the reverse stock split. Shareholders of record who hold physical stock certificates should contact the Company's Transfer Agent, American Registrar and Transfer Company ("American Registrar") to discuss the fractional shares. American Registrar will act as the sole exchange agent for implementing the handling of stock certificates. Shareholders should not send stock certificates to the Company. Shareholders should not destroy any stock certificates and should not submit any stock certificates until requested to do so by American Registrar.
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