Beacon Power Corp. (fka BCONQ)

[g-ianni]

r/s is official.Beacon Power Announces Reverse Stock Split

Beacon Power Corp. (MM) (NASDAQ:BCON)
Intraday Stock Chart
Today : Thursday 24 February 2011

Beacon Power Corporation (Nasdaq:BCON), a leading provider of fast-response energy storage systems and services to support a more stable, reliable and efficient electricity grid, announced today that its Board of Directors has approved the implementation of a 1-for-10 reverse stock split of its common stock, $0.01 par value per share. The Company filed a Certificate of Amendment to its Sixth Amended and Restated Certificate of Incorporation (the "Amendment") to implement the reverse stock split effective at 12:01 a.m. on February 25, 2011 (the "Effective Time"). In addition, the Amendment reduces the number of shares of common stock authorized under the Certificate of Incorporation from 400 million to 200 million. Beacon stockholders approved proposals authorizing the Board of Directors, in its discretion, to implement the reverse split and reduce the number of authorized shares of common stock at the Annual Meeting of Stockholders held on July 21, 2010.

The Board of Directors of Beacon decided to implement the reverse split at this time to enable the market price per share of its common stock to close above $1.00, which is a continued listing requirement of The Nasdaq Capital Market. Beacon believes that implementation of the reverse split will support its continued listing on Nasdaq.

Details of the Reverse Split

At the Effective Time, immediately and without further action by Beacon stockholders, every ten (10) shares of Beacon's pre-split common stock, par value $0.01 per share, will automatically be converted into one (1) share of post-split common stock, par value $0.01 per share. The reverse stock split affects all issued and outstanding shares of the Company's common stock immediately prior to the effective date of the reverse stock split.

The split-adjusted shares of Beacon's common stock will begin trading on Nasdaq on February 25, 2011. The Company's shares will trade under the symbol "BCOND," with a "D" added for 20 trading days to signify that the reverse stock split has occurred. A new CUSIP number has been assigned to the Company's common stock as a result of the reverse split.

Computershare Ltd., Beacon's transfer agent, will act as exchange agent for the exchange. Stockholders will receive forms and notices to exchange their existing shares for new shares from the exchange agent or their broker. No fractional shares will be issued. Stockholders who otherwise would be entitled to receive fractional shares because they hold a number of shares not evenly divisible by 10, will automatically be entitled to receive cash in lieu of the fractional share. Additional details related to the reverse stock split may be obtained from the Company's Proxy Statement (DEF-14A) dated June 8, 2010. A copy of the Proxy Statement is available at www.beaconpower.com under Investors > SEC Filings.

About Beacon Power Corporation

Beacon Power Corporation designs, develops and is commercializing advanced products and services to support stable, reliable and efficient electricity grid operation. Beacon's Smart Energy MatrixTM, now in production, being operated and earning revenue, is a non-polluting, megawatt-scale, fast-response flywheel-based solution designed to provide less expensive, more sustainable and effective frequency regulation services to the nation's power grid. The Company's business strategy is both to supply frequency regulation services from its own plants and to sell systems directly to utilities or grid operators in parts of North America and selected international markets. Beacon is a publicly traded company with its research, development and manufacturing facility in the U.S. For more information, visit www.beaconpower.com