VGPR a 1:300 R/S
Vega Biofuels Announces FINRA Approval of Company's Restructuring Plan
NORCROSS, GA--(Marketwired - Oct 15, 2015) - VEGA BIOFUELS, INC. (OTC PINK: VGPR) announced today that The Financial Industry Regulatory Authority ("FINRA") approved the Company's restructuring plan that includes a 1 for 300 reverse stock split. FINRA has stated that the reverse stock split will become effective on October 16, 2015. Vega's common stock will begin trading on a post-split basis before the market opens on Friday, October 16, 2015.
Vega's common stock will trade under the ticker symbol "VGPRD" for a period of 20 business days. At the end of the 20 days, the ticker symbol will revert back to "VGPR". The common shares will trade under the new CUSIP number 922547302.
On the effective date, every 300 shares of outstanding common stock will be converted into 1 share of issued and outstanding common stock. The authorized number of common shares will be reduced to 500,000,000. On the effective date, the Company will have approximately 9,606,683 shares of common stock outstanding. All fractional shares of common stock will be rounded up to the nearest whole number.
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