DAVI Announces Reverse Stock Split
Date : 05/10/2012 @ 8:15AM
Source : Business Wire
Stock : Davi Luxury Brand Group, Inc. (NEW) Common Stock (MDAVD)
Quote : 0.105 0.0 (0.00%) @ 5:32AM
DAVI LUXURY BRAND GROUP, INC. (OTC Bulletin Board: MDAVD) ("Davi" or the "Company") today announced that effective as of the opening of trading on May 10, 2012, the Company effected a reverse stock split of its outstanding shares of common stock on a 1-for-10 basis (the "Reverse Split") and a corresponding decrease in the number of shares of its common stock that it is authorized to issue (the “Share Decrease”). The Company effected the Reverse Split and the Share Decrease pursuant to a Certificate of Change filed with the Nevada Secretary of State.
Accordingly, as of the effective date of the Reverse Split, each 10 shares of issued and outstanding common stock will be converted into 1 share of common stock. In addition, Davi's common stock will trade under a new CUSIP number. The Company's ticker symbol will remain unchanged (although a fifth-letter identifier "D" has been appended to indicate the completion of the Reverse Split; after a 20 business-day period following the effective date of the Reverse Split, Davi's ticker symbol will revert to "MDAV").
As a result of the Reverse Split, the Company's issued and outstanding shares of common stock decreased from 76,040,000 pre-Reverse Split shares to 7,604,000 post-Reverse Split shares. Pursuant to the Share Decrease, the number of authorized shares of the Company's common stock has decreased from 750,000,000 to 75,000,000 shares of common stock. The foregoing actions were duly approved by the unanimous written consent of Davi's Board of Directors, without stockholder approval, pursuant to the Nevada Revised Statutes.
It is not necessary for shareholders of the Company to exchange their existing stock certificates for new stock certificates of the Company in connection with the Reverse Split; provided, however, that Davi shareholders may do so at their own cost. Please direct any questions you might have concerning the Reverse Split to your broker or the Company's transfer agent, Empire Stock Transfer Inc., at (702) 818-5898.
