Synthesis Energy Systems, Inc. Announces a 1 for 8 Reverse Stock Split Effective Monday December 4, 2017 Under the New Stock ...
November 30 2017 - 4:10PM
Synthesis Energy Systems, Inc. (SES) (NASDAQ:SYMX), a global leader
in the clean and efficient production of low-cost synthesis gas for
high value energy and chemical products, today announced that its
Board of Directors has declared a 1 for 8 reverse stock split of
the Company`s common stock effective on Monday, December 4, 2017.
The reverse stock split was approved by SES’s Board of Directors,
and was approved by a majority of its shareholders in a special
meeting held on November 29, 2017. The Company’s common stock will
commence trading on a post-split basis under the new symbol “SES”
at the opening of trading on Monday, December 4, 2017.
DeLome Fair, SES’s President and CEO, commented:
“This reverse stock split occurs at a pivotal time for SES as we
expand our industry-leading gasification technology globally
outside of China, where it has been commercially proven with 12 SGT
systems. The Board and management strongly believe that as the
Company continues to progress developments at our platform
companies, such as Australian Future Energy in Australia, and SES
EnCoal Energy in Poland, as well as prospective projects in Brazil,
we are putting in place the framework for increased shareholders’
value.”
As a result of the reverse stock split, every
eight shares of the issued and outstanding common stock were
automatically converted into one newly issued and outstanding share
of common stock, without any change in the par value per share.
However, the number of authorized shares of common stock remains
unchanged. Any fractional shares resulting from the reverse stock
split have been rounded up to the nearest whole share. Accordingly,
no fractional shares will be issued in connection with the reverse
stock split and no cash or other consideration will be paid in
connection with any fractional shares that would otherwise have
resulted from the reverse stock split. Stockholders holding shares
through a brokerage account will have their shares automatically
adjusted to reflect the 1 for 8 reverse stock split. Existing
stockholders holding common stock certificates will have the
adjustments made automatically upon transfer of their shares and no
further action is required to be taken by the stockholders.
The CUSIP number for the common stock will
change to 871628202. Additional information regarding the reverse
stock split can be found in the Company’s Current Report on Form
8-K filed with the Securities and Exchange Commission on November
30, 2017.
About Synthesis Energy Systems,
Inc.
Synthesis Energy Systems (SES) is a
Houston-based technology company focused on generating clean,
high-value energy from low-cost and low-grade coal, biomass and
municipal solid waste through its proprietary technology for
conversion of these resources into a clean synthesis gas (syngas)
and methane. SES’s proprietary technology enables the production of
clean, low-cost power, industrial fuel gas, chemicals, fertilizers,
transportation fuels, and substitute natural gas, replacing
expensive natural gas-based energy. SES’s technology can also
produce high-purity hydrogen for cleaner transportation fuels. SES
enables greater fuel flexibility for both large-scale and efficient
small- to medium-scale operations close to fuel sources. Fuel
sources include low-rank, low-cost high ash, high moisture coals,
which are significantly cheaper than higher grade coals, waste
coals, biomass, and municipal solid waste feedstocks. SES: Growth
With Blue Skies. For more information, please visit:
www.synthesisenergy.com.
Forward-Looking StatementsThis
press release includes "forward-looking statements" within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended.
All statements other than statements of historical fact are
forward-looking statements and are subject to certain risks, trends
and uncertainties that could cause actual results to differ
materially from those projected. Although SES believes that in
making such forward-looking statements our expectations are based
upon reasonable assumptions, such statements may be influenced by
factors that could cause actual outcomes and results to be
materially different from those projected by us. SES cannot assure
you that the assumptions upon which these statements are based will
prove to be correct. Please refer to our latest Form 10-K available
on our website at www.synthesisenergy.com.
Contact: MDC GroupInvestor
Relations:David CastanedaArsen
Mugurdumov414.351.9758IR@synthesisenergy.com
Media Relations:Susan
Roush805.624.7624PR@synthesisenergy.com
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