Lightbridge Anticipates Maintaining its Listing on NASDAQ Capital Market Following Reverse Split
October 28 2019 - 8:00AM
Lightbridge Corporation (NASDAQ: LTBR), a nuclear
fuel technology development company, today announced that it
anticipates maintaining its listing on the NASDAQ Capital Market
following the recent one-for-twelve reverse stock split of its
outstanding common stock completed on October 21, 2019.
In accordance with the reverse split, each stockholder’s
percentage ownership interest in Lightbridge remains unchanged. Any
fractional shares resulting from the reverse stock split were
rounded up to the nearest whole share of common stock.
Additionally, the number of authorized shares of common stock were
reduced from 100,000,000 to 8,333,333.
Seth Grae, Chief Executive Officer of Lightbridge, commented,
“Management had wanted to avoid the need for a reverse stock split,
but milestones that we had anticipated did not occur soon enough,
and we had to decide whether to conduct a reverse split to maintain
the NASDAQ listing. Given these anticipated near-term milestones,
which we believe have the potential to drive significant
shareholder value, we decided to prioritize maintaining our NASDAQ
listing. Effecting this reverse split on a one-for-twelve basis
should help ensure a share price that we believe will enable us to
attract a broader universe of institutional investors, as well as
maintain our current institutional investor base. We are encouraged
by the outlook for the business and our balance sheet remains
strong with approximately $20 million in cash, and no long-term
debt. We look forward to providing additional updates on
near-term term milestones, including our first commercial
relationship with a nuclear plant operator/electric utility.”
About Lightbridge Corporation
Lightbridge (NASDAQ: LTBR) is a nuclear fuel
technology development company based in Reston, Virginia, USA. The
Company develops proprietary next generation nuclear fuel
technologies for current and future reactors, which significantly
enhances the economics and safety of nuclear power, operating about
1000° C cooler than standard fuel. In January 2018, Lightbridge and
Framatome, Inc. formed a 50-50 joint venture, Enfission, LLC, to
develop, license, manufacture, and sell nuclear fuel assemblies
based on Lightbridge-designed metallic fuel technology and other
advanced nuclear fuel intellectual property. Enfission has the
exclusive rights to this technology and is responsible for the
development of manufacturing processes and fuel assembly designs
for pressurized water reactors (PWRs), boiling water reactors
(BWRs), water-cooled small modular reactors, and water-cooled
research reactors developed around this intellectual property. PWRs
and BWRs constitute the most widely used reactor types in the
world. Four large electric utilities that generate about half the
nuclear power in the US already advise Lightbridge on fuel
development and deployment. In addition to distributions from
Enfission based on the parties’ ownership interest in the joint
venture, Lightbridge anticipates receiving future licensing
revenues in connection with sales by Enfission of nuclear fuel
incorporating its intellectual property. Lightbridge also provides
comprehensive advisory services for established and emerging
nuclear programs based on a philosophy of transparency,
non-proliferation, safety and operational excellence. For more
information please visit: www.ltbridge.com.
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Forward Looking StatementsWith the exception of
historical matters, the matters discussed in this news release are
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995, including statements
regarding the continued listing of the Company’s common stock on
Nasdaq, any increase in institutional ownership, the outlook of the
business, and near-term term milestones. These statements are based
on current expectations on the date of this news release and
involve a number of risks and uncertainties that may cause actual
results to differ significantly from such estimates. The risks
include, but are not limited to, the degree of market adoption of
the Company’s product and service offerings; market competition;
dependence on strategic partners; demand for fuel for nuclear
reactors; the Company’s ability to manage its business effectively
in a rapidly evolving market; as well as other factors described in
Lightbridge’s filings with the Securities and Exchange Commission.
Lightbridge does not assume any obligation to update or revise any
such forward-looking statements, whether as the result of new
developments or otherwise. Readers are cautioned not to put undue
reliance on forward-looking statements.
Investor Relations Contact:David
Waldman/Natalya RudmanTel. +1 855-379-9900ir@ltbridge.com
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