Empire Resorts Announces 1-for-5 Reverse Split to be Effective December 23, 2015 at Commencement of Trading
December 15 2015 - 8:04AM
Business Wire
Empire Resorts, Inc. (NasdaqGM:NYNY) (the “Company”) announced
that it is effecting a 1-for-5 reverse stock split of its common
stock which will be effective for trading purposes as of the
commencement of trading on December 23, 2015. As of that date, each
5 shares of issued and outstanding common stock and equivalents
will be converted into 1 share of common stock and equivalents. In
addition, at the market open on December 23, 2015, the common stock
will trade under a new CUSIP number 292052305 although the
Company’s ticker symbol, NYNY, will remain unchanged. The reverse
stock split was approved by the Company’s shareholders by written
consent on October 5, 2015 and the specific ratio was subsequently
determined at a meeting of the Company’s board of directors on
December 7, 2015.
The reverse stock split is being implemented in preparation for
a rights offering the Company may launch in the event the Company
is awarded a gaming facility license with respect to the proposed
Montreign Resort Casino development planned for Sullivan County,
New York. The number of outstanding common shares will be reduced
from approximately 47.792 million to approximately 9.550 million.
The number of authorized shares and the par value per share will
remain unchanged. Each holder who otherwise would have been
entitled to receive a fractional share as a result of the reverse
stock split shall receive an additional share of common stock. No
fractional shares will be issued as a result of the reverse split
but rather will be rounded up to the nearest whole share.
Stockholders will receive instructions from the Company’s transfer
agent, Continental Stock Transfer and Trust Company
(“Continental”), as to procedures for exchanging existing stock
certificates for new certificates or book-entry shares.
Continental will act as the Company’s exchange agent for the
reverse stock split. Stockholders holding their shares
electronically in book-entry form are not required to take any
action to receive post-split shares. Stockholders owning shares
through a bank, broker or other nominee will have their positions
automatically adjusted to reflect the reverse stock split, subject
to brokers’ particular processes, and will not be required to take
any action in connection with the reverse stock split. For those
stockholders holding physical stock certificates, Continental will
send instructions for exchanging those certificates for shares held
electronically in book-entry form or for new certificates, in
either case representing the post-split number of shares.
Additional information about the reverse stock split can be
found in the Company's definitive information statement filed on
Schedule 14C with the Securities and Exchange
Commission on October 14, 2015, a copy of which is
available at www.sec.gov.
About Empire Resorts
Empire Resorts, Inc. owns and operates, through its subsidiary
Monticello Raceway Management, Inc., the Monticello Casino and
Raceway, a harness racing track and casino in Monticello, N.Y., and
is 90 miles from midtown Manhattan. For additional information,
please visit www.empireresorts.com.
Upon the effective date of a gaming facility license from the
New York State Gaming Commission, Empire will begin construction on
Montreign – an 18-story casino, hotel and entertainment complex
with approximately 102 table games, 2,150 state of the art slot
machines and 332 luxury rooms, which includes 12 penthouse suites,
8 garden suites and 7 two-story villas, designed to meet 5-star and
5-diamond standards. For additional information, please
visit www.montreign.com.
Cautionary Statement Regarding Forward Looking
Information
This press release includes "forward-looking statements"
intended to qualify for the safe harbor from liability established
by the Private Securities Litigation Reform Act of 1995. These
statements include statements about our plans, strategies,
financial performance, prospects or future events and involve known
and unknown risks that are difficult to predict. As a result, our
actual results, performance or achievements may differ materially
from those expressed or implied by these forward-looking
statements. In some cases, you can identify forward-looking
statements by the use of words such as "may," "could," "expect,"
"intend," "plan," "seek," "anticipate," "believe," "estimate,"
"predict," "potential," "continue," "likely," "will," "would" and
variations of these terms and similar expressions, or the negative
of these terms or similar expressions. Such forward-looking
statements are necessarily based upon estimates and assumptions
that, while considered reasonable by the Company, are inherently
uncertain. Factors that may cause actual results to differ
materially from current expectations include, among others, levels
of spending in business and leisure segments as well as consumer
confidence; plans for signing and closing on definitive transaction
documents; the construction commencement date for Montreign Resort
Casino; the financial condition of, and our relationships with,
third-party property owners and hospitality venture partners; the
timing of the receipt of regulatory and governmental approvals for
the development project, including the award of a gaming facility
license to us; changes in federal, state or local tax law; general
volatility of the capital markets and our ability to access the
capital markets to consummate the necessary financing. A more
complete description of these risks and uncertainties can be found
in our filings with the U.S. Securities and Exchange Commission. We
caution you not to place undue reliance on any forward-looking
statements, which are made as of the date of this press release. We
undertake no obligation to update publicly any of these
forward-looking statements to reflect actual results, new
information or future events, changes in assumptions or changes in
other factors affecting forward-looking statements, except to the
extent required by applicable laws. If we update one or more
forward-looking statements, no inference should be drawn that we
will make additional updates with respect to those or other
forward-looking statements.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20151215005949/en/
Empire Resorts, Inc.Charles Degliomini, 845-807-0001Executive
Vice Presidentcdegliomini@empireresort.com
Empire Resorts (NASDAQ:NYNY)
Historical Stock Chart
From Jun 2024 to Jul 2024
Empire Resorts (NASDAQ:NYNY)
Historical Stock Chart
From Jul 2023 to Jul 2024