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BEIJING, Aug. 1, 2013 (GLOBE NEWSWIRE) -- China Advanced Construction Materials Group, Inc. (Nasdaq:CADC) ("China ACM", the "Company"), a provider of ready-mix concrete and related technical services in China, today announced that effective at 5:00 pm Eastern Time on August 1, 2013, the Company will effect a 1-for-12 reverse stock split of its common stock (the "Reverse Split").
Beginning with the opening of trading on August 2, 2013, the Company's common stock will continue to trade on the NASDAQ Capital Market on a Reverse Split adjusted basis with a new CUSIP number of 169365202. No fractional shares will be issued in connection with the Reverse Split. Shareholders who would otherwise be entitled to receive a fractional share in connection with the Reverse Split will receive a full share of common stock.
As a result of the Reverse Split, the stock price is expected to automatically increase proportionally. Although the purpose of this Reverse Spit is to maintain the continued listing of the Company's common stock on NASDAQ, the Company can give no assurance that this goal will be achieved.
On August 1, 2013, at 6 P.M. Eastern Time, after the completion of the Reverse Split, the Company will change its state of incorporation from Delaware to Nevada.
The reincorporation does not result in any change in the Company's headquarters, business, jobs, management, and location of any of its offices or facilities, number of employees, assets, liabilities or net worth. Management, including all directors and officers, remain the same as the management of the Company prior to the reincorporation.
Both the Reverse Split and the reincorporation were approved by shareholders holding the majority of the outstanding common stocks of the Company on June 28, 2013 at the annual meeting of shareholders.
About China Advanced Construction Materials Group, Inc.