Air Industries Group Announces 1-for 10 Reverse Stock Split
October 04 2022 - 8:30AM
Business Wire
Air Industries Group (NYSE American: AIRI), an integrated
Tier 1 manufacturer of precision assemblies and components for
mission-critical aerospace and defense applications, and a prime
contractor to the U.S. Department of Defense, today announced a
reverse stock split of its issued and outstanding common stock, par
value $0.001 per share, at a ratio of one (1) share of common stock
for every ten (10) shares of common stock, effective as of 12:01
a.m. (Eastern Time) on October 18, 2022 (the “Effective Date”).
While the Company noted that forward and reverse stock splits do
not change the actual ownership percentages nor have a net effect
on the usual valuation yardsticks used by investors, the Air
Industries Board of Directors hopes the resulting nominal increase
in the price of the shares may have the effect of broadening the
base of potential investors. The Company noted that it has not
received any notice or indication from the NYSE American, the
exchange on which its common stock is currently listed, which would
necessitate a reverse stock split.
The Company’s common stock will begin trading on a
split-adjusted basis when the market opens on October 18, 2022. The
reverse stock split was authorized by the Company’s Board of
Directors on September 8, 2022. Pursuant to the laws of the State
of Nevada, the Company’s state of incorporation, the Company’s
Board of Directors has the authority to effect a reverse stock
split without shareholder approval if the number of authorized
shares of common stock and the number of outstanding shares of
common stock are proportionally reduced. The Company will file a
certificate of change to its articles of incorporation, as amended,
with the Secretary of State of Nevada to effect the reverse stock
split.
As a result of the reverse split, each ten (10) pre-split shares
of common stock outstanding will automatically combine into one (1)
new share of common stock without any action on the part of the
holders, and the number of outstanding common shares will be
reduced from 32,324,670 shares to 3,232,467 shares.
No fractional shares will be issued as a result of the reverse
stock split. Shareholders who otherwise would be entitled to a
fractional share because they hold a number of shares not evenly
divisible by the 1 (one) for ten (10) reverse split ratio, will
automatically be entitled to receive an additional fractional share
of the Company’s common stock to round up to the next whole
share.
The Company’s transfer agent, Broadridge Corporate Issuer
Solutions, Inc., which is also acting as the exchange agent for the
reverse split, will send instructions to stockholders of record who
hold stock certificates regarding the exchange of their old
certificates for new certificates, should they wish to do so.
Stockholders who hold their shares in brokerage accounts or “street
name” are not required to take action to effect the exchange of
their shares.
ABOUT AIR INDUSTRIES GROUP
Air Industries Group (NYSE American: AIRI) is an integrated
manufacturer of precision assemblies and components for leading
aerospace and defense prime contractors and original equipment
manufacturers. The Company is a Tier 1 supplier to aircraft
Original Equipment Manufacturers, a Tier 2 subcontractor to major
Tier 1 manufacturers, and a Prime Contractor to the U.S. Department
of Defense, highly regarded for its expertise in designing and
manufacturing parts and assemblies that are vital for flight safety
and performance.
Additional information about the Company can be found in its
filings with the SEC.
Forward Looking Statements
Certain matters discussed in this press release are
'forward-looking statements' intended to qualify for the safe
harbor from liability established by the Private Securities
Litigation Reform Act of 1995. In particular, the Company's
statements regarding trends in the marketplace, future revenues,
earnings and Adjusted EBITDA, the ability to realize firm backlog
and projected backlog, cost cutting measures, potential future
results and acquisitions, are examples of such forward-looking
statements. The forward-looking statements are subject to numerous
risks and uncertainties, including, but not limited to, the timing
of projects due to variability in size, scope and duration, the
inherent discrepancy in actual results from estimates, projections
and forecasts made by management, regulatory delays, changes in
government funding and budgets, and other factors, including
general economic conditions, not within the Company's control. The
factors discussed herein and expressed from time to time in the
Company's filings with the Securities and Exchange Commission could
cause actual results and developments to be materially different
from those expressed in or implied by such statements. The
forward-looking statements are made only as of the date of this
press release and the Company undertakes no obligation to publicly
update such forward-looking statements to reflect subsequent events
or circumstances.
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version on businesswire.com: https://www.businesswire.com/news/home/20221004005268/en/
Air Industries Group Investor Relations Michael Recca - CFO
631.328.7079 ir@airindustriesgroup.com
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