PINGDINGSHAN, China,
Oct. 26, 2016 /PRNewswire/
-- Hongli Clean Energy Technologies Corp. (NASDAQ: CETC) (the
"Company"), today announced that a reverse stock split of its
shares of common stock at a ratio of 1-for-10 shares (the "Reverse
Split") will be effective when the market opens on October 27, 2016. At the market open on
Thursday, October 27, 2016, the
Company's common stock will begin trading on a split-adjusted
basis, under the same trading symbol, CETC.
As a result of the Reverse Split, each 10 pre-split shares of
common stock outstanding will automatically combine into one new
share of common stock without any action on the part of the
holders. The Reverse Split will also apply to common stock issuable
upon the exercise of the Company's outstanding warrants and stock
options.
As a result of the reverse stock split, the Company's issued and
outstanding shares of common stock will decrease to approximately
2,396,452 shares, post-split, from approximately 23,960,217 shares,
pre-split. No fractional shares will be issued as a result of the
Reverse Split. Fractional shares outstanding after the reverse
stock split will be rounded up. When effectuating the Reverse
Split, the authorized number of shares of Company's common stock
will change from 100,000,000 to 10,000,000 shares. As a result, the
proportion of shares owned by Company's stockholders relative to
the number of shares authorized for issuance will not change.
The Reverse Split was approved by the Company's Board of
Directors on September 15, 2016, in
part, to enable the Company to regain and maintain compliance with
the minimum closing bid price of $1.00 per share for continued listing on the
Nasdaq Capital Market.
Jianhua Lv, Company's Chief Executive Officer, said, "With this
reverse stock split, we expect to satisfy Nasdaq's minimum bid
price requirement and to maintain compliance with that requirement
as we move forward with the development of our business. We are
highly confident about the long-term prospects of our Company as we
continually devote our efforts to make Hongli Clean Energy
Technologies Corp. a premier provider of clean energy in
China."
Additional information about the reverse stock split can be
found in the Company's definitive information statement filed with
the Securities and Exchange Commission on September 27, 2016, a copy of which is available
at www.sec.gov.
About Hongli Clean Energy Technologies Corp.
Previously known as SinoCoking Coal and Coke Chemical
Industries, Inc., Hongli Clean Energy Technologies Corp. (the
"Company") is a Florida
corporation and an emerging producer of clean energy products
located in Pingdingshan City, Henan
Province, China. The
Company has historically been a vertically-integrated coal and coke
processor of basic and value-added coal products for steel
manufacturers, power generators, and various industrial users. The
Company has been producing metallurgical coke since 2002, and acts
as a key supplier to regional steel producers in central
China. The Company also produces
and supplies thermal coal to its customers in central China. The Company currently owns its assets
and conducts its operations through its subsidiaries, Top Favour
Limited and PingdingshanHongyuan Energy Science and Technology
Development Co., Ltd., and its affiliated companies, Henan Province
PingdingshanHongli Coal & Coke Co., Ltd., Baofeng Coking
Factory, BaofengHongchang Coal Co., Ltd., BaofengHongguang
Environment Protection Electricity Generating Co., Ltd., Zhonghong
Energy Investment Company, Henan Hongyuan Coal Seam Gas Engineering
Technology Co., Ltd., BaofengShuangri Coal Mining Co., Ltd., and
BaofengXingsheng Coal Mining Co., Ltd.
For additional information on the Company, please go to
http://www.cetcchina.net/ or refer to the Company's periodic
reports filed with the Securities and Exchange Commission
(http://www.cetcchina.net/sec-filings.html). Investors wishing to
receive the Company's corporate communications as they become
available may go to the Company's Investor Relations site
(http://www.cetcchina.net/corporate-overview.html) and register
under Email Alerts.
Also, investors may submit questions directly to Mr. Lv and his
staff to receive non-confidential information about the Company's
operations and products at the Company's "Ask Management" blog
(http://www.cetcchina.net/ask-management.html).
Forward-Looking Statements
This press release contains forward-looking statements,
particularly as related to, among other things, the business plans
of the Company, statements relating to goals, plans and projections
regarding the Company's financial position and business strategy.
The words or phrases "plans," "would be," "will allow," "intends
to," "may result," "are expected to," "will continue,"
"anticipates," "expects," "estimate," "project," "indicate,"
"could," "potentially," "should," "believe," "think," "considers"
or similar expressions are intended to identify "forward-looking
statements." These forward-looking statements fall within the
meaning of Section 27A of the Securities Act of 1933 and Section
21E of the Securities Act of 1934 and are subject to the safe
harbor created by these sections. Actual results could differ
materially from those projected in the forward-looking statements
as a result of a number of risks and uncertainties. Such
forward-looking statements are based on current expectations,
involve known and unknown risks, a reliance on third parties for
information, transactions or orders that may be cancelled, and
other factors that may cause our actual results, performance or
achievements, or developments in our industry, to differ materially
from the anticipated results, performance or achievements expressed
or implied by such forward-looking statements. Factors that could
cause actual results to differ materially from anticipated results
include risks and uncertainties related to the fluctuation of
local, regional, and global economic conditions, the performance of
management and our employees, our ability to obtain financing,
competition, general economic conditions and other factors that are
detailed in our periodic reports and on documents we file from time
to time with the Securities and Exchange Commission. Statements
made herein are as of the date of this press release and should not
be relied upon as of any subsequent date, and the Company
specifically disclaims any obligation, to update any
forward-looking statements to reflect occurrences, developments,
unanticipated events or circumstances after the date of such
statement.
Company Contact:
Jianhua Lv, CEO
Phone: + 86-375-2882-999
Email: lvjianhua@sinocoking.net
Website: http://www.cetcchina.net/
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SOURCE Hongli Clean Energy Technologies Corp.