COREwafer Industries Announces 1-for-2500 Reverse Stock Split and Corporate Name Change to 'Aluf Holdings, Inc.'
HOLLYWOOD, FL / ACCESSWIRE / August 28, 2015 / COREwafer Industries, Inc. (Pink Sheets: WAFR) announced today that a -for-2500 reverse stock split will be effective, and reflected in the price of its common stock, when trading opens on August 31, 2015. The Company is simultaneously changing its name to Aluf Holdings, Inc.
The reverse stock split applies to all of the outstanding shares of COREwafer's common stock, reducing the number of current outstanding shares from 6,545,207,089 to approximately 2,618,317 shares.
The Company's common stock will trade under the symbol "WAFRD" for a period of 20 trading days as a result of the reverse stock split. The "D" will be removed in 20 business days and the symbol will then be changed. Common shares will also trade under a new CUSIP number.
"The name change to Aluf Holdings reflects the Company's transition to a new management team and board of directors, along with the adoption of a broader growth strategy," said Teresa McWilliams, the Company's newly elected Interim President/Chief Executive Officer. Ms. McWilliams further stated, "The purpose of this reverse stock split is to position the Company to become listed once again on a national exchange, subject to our ability to satisfy the listing requirements, which should allow the company access to a much larger group of investors that will only invest in companies that are nationally listed, as well as enhanced liquidity to our shareholders. We look forward to the enhanced recognition and accessibility that a possible listing on a national exchange will bring."
Shareholders are not required to send in their current certificates for exchange. Following the reverse stock split, each stock certificate representing issued and outstanding shares of common stock will represent a fewer number of shares. The Company's shareholders of record will receive a letter of transmittal and instructions from the transfer agent, VStock Transfer, regarding procedures for submitting their stock certificates in connection with the reverse split. Those shareholders holding common stock in "street name" will receive instructions from their broker if they need to take any action in connection with the reverse split.
In connection with the name change and reverse stock split, the Company also fixed the number of authorized shares of capital stock after the reverse stock split at 1,000,000,000 as follows; 846,821,999 shares of common stock and 53,175,000 shares of preferred stock, $0.001 par value per share.
The Company has also requested a new ticker symbol to reflect the name change.
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