TULSA, Okla., April 15, 2013 (GLOBE NEWSWIRE) -- Syntroleum Corporation ("Syntroleum" or the "Company") (Nasdaq:SYNM) announced today that it effected a 1-for-10 reverse split of its common stock on April 11, 2013. As previously disclosed in the Form 8-K filed March 25, 2013, the Company's Board of Directors elected to effect a reverse stock split of the Company's common stock at a ratio of 1-for-10. The Company's stockholders had voted on June 28, 2012 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.
The reverse stock split became effective after the close of trading on Thursday, April 11, 2013. The Company's common stock began trading on a split adjusted basis on the Nasdaq Capital Market ("Nasdaq") at the opening of trading on Friday, April 12, 2013. Syntroleum's common stock will continue trading on Nasdaq under its ticker symbol "SYNM" but the Company will trade under its new CUSIP number.
As a result of the reverse stock split, every ten shares of Syntroleum's old common stock have been 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 based on a pre-split price of $.405 per share. 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 has sent or 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.