VALV: did not say if it was effective at the open or after close but did mention share count would be reduced based on number of shares on March 8 so one would assume it is effective at the open. Also, is it common for them to require shareholders submit their old certificates....?
The Reverse Split will reduce the number of shares of common stock outstanding to approximately 16.7 million shares from approximately 33.3 million shares, based on the number of shares outstanding as of March 8, 2012.
The Company's transfer agent, Broadridge Corporate Issuer Solutions, Inc. will process the corporate action. The Company's shareholders are required to exchange their current stock certificates for new stock certificates reflecting the adjusted number of shares as a result of the Reverse Split upon receipt of instructions and documents necessary to obtain the new certificates from Broadridge Corporate Issuer Solutions, Inc.
