HearAtlast Comments on its Reverse Stock Split
Georgetown, ON., March 29, 2018 -- HearAtlast Holdings, Inc. (OTC:HRAL) comments today on its reverse split that it completed on August 6, 2015 along with its present day restructuring of the Company. The Company had completed a reverse stock split of its shares of common stock at a ratio of 1-for-500. The Company's common stock began trading on a post-split basis on Friday, August 7, 2015. The Company’s trading symbol on August 6, 2015 changed to “HRALD” and the “D” was removed 20 business days from that date. The symbol reverted to the original symbol of “HRAL.” In connection with the reverse stock split, the Company’s CUSIP number changed to 422217 20 8.
The reverse stock split was implemented by the Company in order to be in a better strategic position to consider viable acquisition candidates as well as looking at a future listing of its common stock on an upper tier board. There is no assurance a future upgraded listing of its common stock will be approved.
"The reverse split represented a significant milestone for HearAtlast Holdings, as it enabled us to have more options when considering new acquisitions and future growth for the Company," commented Aldo Rotondi, the Company’s Chief Executive Officer. Since its reverse split and management restructuring, the Company has been reviewing and planning to close on several acquisition candidates to add to its current business model with the main focus being to increase the Company's base asset value and subsequently adding shareholder value. Furthermore, current and prospective shareholders should expect to see regular updates to its newly live Corporate website as well as additions to its management team.
As a result of the reverse stock split, the total number of shares of common stock held by each stockholder was converted automatically into the number of whole shares of common stock equal to (i) the number of shares of common stock held by such stockholder immediately prior to the reverse stock split, divided by (ii) 500. No fractional shares were issued, and no cash or other consideration was paid. Instead, the Company issued one whole share of the post-split common stock to any stockholder who otherwise would have received a fractional share as a result of the reverse stock split.
Stockholders who were holding their shares in electronic form at their brokerage firms did not have to take any action as the effects of the reverse stock split was automatically reflected in their brokerage accounts. Stockholders that are still holding paper certificates may (but are not required to) send the certificates to the Company’s transfer agent. The transfer agent will issue a new share certificate reflecting the terms of the reverse stock split to each requesting shareholder.
$HRAL is RM play with very small 1 mil OS and 658K float. I'm holding shares in it.
