TULSA, Okla., March 25, 2013 (GLOBE NEWSWIRE) -- Syntroleum Corporation ("Syntroleum" or the "Company") (Nasdaq:SYNM) announced today that its Board of Directors has approved a 1-for-10 reverse split of its common stock. As previously disclosed in the Form 8-K filed June 28, 2012, the Company's stockholders voted to grant discretion to the Board of Directors to effect a reverse stock split of the Company's common stock at any ratio between 1-for-2 and 1-for-10, with the final decision to be determined by the Company's Board of Directors in its discretion.
Syntroleum currently intends for the reverse stock split to become effective after the close of trading on Thursday, April 11, 2013. The Company's common stock is expected to begin trading on a split adjusted basis on the Nasdaq Capital Market ("Nasdaq") at the opening of trading on Friday, April 12, 2013, subject to the final determination of Nasdaq. Syntroleum's common stock will continue trading on Nasdaq under its ticker symbol "SYNM" but the Company will trade under a new CUSIP number.
As a result of the reverse stock split, every ten shares of Syntroleum's old common stock will be converted into one share of Syntroleum's new common stock. Fractional shares resulting from the reverse stock split will be settled by cash payment from the Company's transfer agent, American Stock Transfer & Trust Company, LLC ("AST"). The amount of the cash payment will be determined based on the closing market price of the common stock as reported on Nasdaq on March 22, 2013. Receipt of the cash payment is conditional upon submission of a letter by the Company's stockholders to AST and, where shares are held in certificated form, the surrender of all old certificate(s).AST will send instructions to stockholders of record regarding the exchange of certificates for common stock and the process for receiving a cash payment in lieu of fractional shares.