JINJIANG, China, June 27, 2016 /PRNewswire/ -- China Ceramics Co.,
Ltd. (NASDAQ Capital Market: CCCL) ("China Ceramics" or the
"Company"), a leading Chinese manufacturer of ceramic tiles used
for exterior siding and for interior flooring and design in
residential and commercial buildings, today announced that its
Board of Directors has set the date of June
28, 2016 to be the effective date for the Company's reverse
stock split. The Company's ordinary shares will begin trading
on the NASDAQ Stock Market on a split-adjusted basis when the
market opens on June 28, 2016. The
new CUSIP number for the Company's common stock following the
reverse split is G2113X134.
As previously announced, on May 23,
2016, China Ceramics' Board of Directors approved a
one-for-eight reverse stock split intended to increase the per
share trading price of the Company's outstanding ordinary shares in
order to comply with the minimum bid price requirement of
$1.00 per share for continued listing
on the NASDAQ Stock Market. In order to maintain the
Company's listing on the NASDAQ Capital Market, the Company's
common stock must have a closing bid price of $1.00 or more for a minimum of ten consecutive
trading days by September 19,
2016.
"The reverse stock split is intended to satisfy the
requirements for China Ceramics common stock to continue to list on
the NASDAQ Stock Market and it does not fundamentally alter the
Company's shareholder value nor its market capitalization in any
way," said Jiadong Huang, Chief
Executive Officer of China Ceramics. "We believe that an additional
benefit of this action could be that it will raise the visibility
of our stock so that it appeals to a wider range of retail and
institutional investors."
As a result of the reverse stock split, every eight issued and
outstanding ordinary shares as of the effective date will
automatically be combined into one issued and outstanding
share. Consequently, the reverse stock split will reduce the
number of outstanding ordinary shares of the Company from
approximately 21.9 million shares to approximately 2.7 million
shares and the par value per share will increase from $0.001 to $0.008.
In lieu of issuing fractional shares, the Company will round
fractions of shares down to the nearest whole share. All
outstanding stock options, warrants and other rights to purchase
the Company's ordinary shares will be adjusted proportionately as a
result of the reverse stock split. The number of total
authorized ordinary shares of the Company will not be changed as a
result of the reverse split. There can be no assurance that
following the reverse split, the Company's common stock will remain
above $1.00 per share minimum for the
requisite period as of September 19,
2016 to regain listing compliance.
Once the reverse stock split becomes effective, shareholders
holding shares through a bank, broker or other nominee will have
their shares automatically adjusted to reflect the reverse stock
split. Beneficial holders may contact their bank, broker or
nominee for more information. Shareholders holding physical
certificates of ordinary shares will receive a letter of
transmittal from the Company's transfer agent, Continental Stock
Transfer & Trust, with specific instructions regarding the
exchange of shares. Please direct any questions to your broker or
the Company's Transfer Agent, Continental Stock Transfer &
Trust, by calling 212-509-4000.
About China Ceramics Co., Ltd.
China Ceramics Co., Ltd. is a leading manufacturer of ceramic
tiles in China. The Company's
ceramic tiles are used for exterior siding, interior flooring, and
design in residential and commercial buildings. China Ceramics'
products, sold under the "Hengda" or "HD", "Hengdeli" or "HDL", the
"TOERTO" and "WULIQIAO" brands, and the "Pottery Capital of Tang
Dynasty" brands, are available in over 2,000 style, color and size
combinations and are distributed through a network of exclusive
distributors as well as directly to large property developers. For
more information, please visit http://www.cceramics.com.
Contact
Information:
|
|
China Ceramics Co.,
Ltd.
|
Precept Investor
Relations LLC
|
Edmund Hen, Chief
Financial Officer
|
David Rudnick,
Account Manager
|
Email:
info@cceramics.com
|
Email:
david.rudnick@preceptir.com
|
|
Phone: +1
917-864-8849
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/china-ceramics-announces-one-for-eight-reverse-stock-split-300290524.html
SOURCE China Ceramics Co., Ltd.