R/S on the way.
Los Angeles – April 11, 2017 – OriginClear Inc. (OTC/QB: OCLN), a leading provider of water treatment solutions, today announced that a 1-for-35 reverse stock split will be effective as of the opening of trading on Wednesday, April 12, 2017. The number of shares issued and outstanding of common stock will be reduced from just over 1 billion to approximately 30 million. Investors should note that for 20 trading days after the reverse stock split, the ticker symbol of the company’s common stock will change to OCLND.
“This reverse stock split is part of a plan to strengthen our capital structure in the wake of recent wins, such as this morning’s announcement that we’ve agreed to join a pilot program at a site operated by China’s Sinopec Group, Asia’s largest oil and gas company, and the dramatic increase in our revenues and gross profits year over year,” said Riggs Eckelberry, OriginClear CEO.
OriginClear’s new CUSIP number will be 686228305, and its common stock will continue to trade on the OTCQB market under the symbol “OCLN.” For a period of 20 business days, a “D” will be placed at the end of the ticker symbol. The reverse stock split is expected to help maintain the company’s bid price listing requirements on the OTCQB exchange.
In the reverse stock split, every 35 shares of OriginClear’s common stock outstanding will automatically be changed and reclassified into one new share of common stock. No fractional shares will be issued in connection with the reverse stock split. Any fractional share of common stock that would otherwise have resulted from the reverse stock split will be rounded up to the nearest whole share.
The reverse stock split will affect all OriginClear stockholders uniformly and will not affect any stockholder’s percentage ownership interests in OriginClear except to the extent that the reverse stock split results in any stockholders owning only a fractional share. Additionally, all OriginClear convertible notes, convertible preferred stock, stock options, other equity awards and warrants outstanding immediately prior to the reverse stock split will be proportionately adjusted.
OriginClear’s transfer agent, Computershare, which is also acting as the exchange agent for the reverse split, will provide instructions to stockholders regarding the process for exchanging share certificates. Stockholders who hold their shares electronically at Computershare or in book-entry form at a brokerage firm need not take any action, as their shares will automatically be adjusted by their brokerage firm to reflect the reverse stock split. Beneficial holders may contact their bank, broker or nominee with any questions regarding the procedure of implementing the reverse stock split.
