VirTra Announces Reverse Stock Split Effective Date
TEMPE, Ariz., Oct. 19, 2016 (GLOBE NEWSWIRE) -- VirTra, Inc. (OTC Pink:VTSI), a leading provider of judgmental use of force simulators and firearms training simulators, announces today that its previously filed Certificate of Change to its Articles of Incorporation to effect a 10-to-one reverse stock split of its outstanding and authorized common stock has been approved by the Financial Information Regulatory Association, Inc. (“FINRA”), effective as of October 20, 2016. Trading of the Company’s common stock on OTC Pink Open Market will continue, on a post-split basis, with the opening of the markets on Thursday, October 20, 2016, under the temporary trading symbol “VTSID” and under the new CUSIP number 92827K202. The trading symbol will revert to “VTSI” on November 18, 2016.
As a result of the reverse stock split, every ten shares of the Company’s pre-reverse split common stock will be combined and reclassified into one share of common stock. Proportionate voting rights and other rights of common stock holders will not be affected by the reverse stock split. No fractional shares will be issued in connection with the reverse stock split and stockholders who would otherwise hold a fractional share of common stock will be rounded up to a full share. After giving effect to the reverse split, there will be approximately 15.8 million shares of common stock outstanding and no shares of Series A Preferred Stock outstanding. The number of outstanding stock options will also be adjusted by the same ratio used for the common stock reverse split.
VirTra’s transfer agent and registrar, Continental Stock and Transfer & Trust Company (“Continental”), will act as the exchange agent for the reverse stock split. Registered stockholders holding pre-split shares of the company's common stock electronically in book-entry form are not required to take any action to receive post-split shares. Stockholders owning shares via a broker or other nominee will have their positions automatically adjusted to reflect the reverse stock split, subject to each brokers' particular processes, and will not be required to take any action in connection with the reverse stock split. Stockholders holding physical stock certificates will receive a letter of transmittal from Continental, requesting that the physical stock certificates be returned in order to exchange them for electronic book-entry shares in Direct Registration System (“DRS”) format. Upon exchange of their shares, Stockholders will be mailed DRS statements that will enable them to deposit their new shares electronically with a broker. Stockholders should direct any questions concerning the reverse stock split to their broker or VirTra’s transfer agent and registrar, Continental Stock and Transfer & Trust Company, (212) 509-4000.
About VirTra
VirTra is a global leading provider of the world's most realistic and effective judgmental use of force simulators. VirTra is the higher standard in firearms training simulators, offering a variety of simulator platforms, powerful gas-powered recoil kits and the patented Threat-Fire™ simulated hostile return fire system. VirTra’s products provide the very best simulation training available for personnel that are entrusted with lethal force and critical missions. The Company’s common stock is not registered under the Securities Exchange Act of 1934 and the Company does not currently file periodic or other reports with the Securities and Exchange Commission.
www.VirTra.com
