VALV declares 1 for 2 reverse stock split -
TIANJIN, China, March 8, 2012 (GLOBE NEWSWIRE) -- Shengkai Innovations, Inc. (Nasdaq:VALV - News) ("Shengkai" or the "Company"), a leading ceramic valve manufacturer in the People's Republic of China (the "PRC"), today announced the Company will implement a 1 for 2 reverse stock split of its issued and outstanding common stock ("Reverse Split"), effective on Friday, March 9, 2012. The Reverse Split was approved by the shareholders of the Company on the 2012 Annual Meeting of Shareholders on December 22, 2011. The Company's common stock will continue to trade under the symbol "VALV" on the Nasdaq Global Market after the Reverse Split.
Immediately upon the Reverse Split becoming effective, every two shares of common stock of the Company prior to the Reverse Split will be combined into one share of common stock of the Company. Any owner of less than a single full share of common stock after the Reverse Split will receive a full share of common stock in lieu of the fractional share. 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.
