NEW CASTLE, Pa., July 14, 2015 /PRNewswire/ -- Axion Power
International, Inc. (Nasdaq: AXPW) ("AXION "), a developer of
advanced lead-carbon PbC® batteries, energy storage
systems and frequency regulation systems, today announced that it
has effected a 1-for-35 reverse stock split previously
approved by the Company's stockholders at a special meeting held on
June 17, 2015. The 1-for-35 reverse stock split was effective
as of the close of business on July 13,
2015 and the Company's common stock will begin trading on a
split-adjusted basis on Tuesday, July 14,
2015.
The reverse stock split will reduce the number of shares of the
Company's common stock currently outstanding from approximately
93.9 million shares to approximately 2.7 million shares.
Proportional adjustments will be made to the conversion and
exercise prices of the Company's outstanding warrants, convertible
notes and stock options, and to the number of shares issued and
issuable under the Company's equity compensation plans.
The number of authorized shares of the Company's common stock
will remain 100 million shares. The reverse stock split is intended
to increase the market price per share of the Company's common
stock to allow the Company to maintain the listing of its common
stock on The NASDAQ Capital Market. The Company's common stock will
continue to trade on The NASDAQ Capital Market under the symbol
"AXPW."
The new CUSIP number for the common stock following the reverse
stock split will be 05460X208. Information for Stockholders: Upon
the effectiveness of the reverse stock split, each
thirty-five shares of the Company's issued and outstanding
common stock will be automatically combined and converted into one
issued and outstanding share of common stock, par value
$0.005 per share. The Company will
not issue any fractional shares in connection with the reverse
stock split. Instead, fractional share interests will be rounded up
to the next largest whole number. The reverse stock split will not
modify the rights or preferences of the common stock. As a result
of the reverse stock split, the Company will today recommence
honoring requests for exercise of its derivative securities.
The Company's transfer agent, Continental Stock Transfer &
Trust Company, will act as its exchange agent for the reverse stock
split. Continental Stock Transfer & Trust Company will
provide stockholders of record holding certificates representing
pre-split shares of the Company's common stock as of the effective
date a letter of transmittal providing instructions for the
exchange of shares. Registered stockholders holding pre-split
shares of the Company's common stock electronically in book-entry
form are not required to take any action to receive post-split
shares. Stockholders owning shares via a 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 connect with the reverse
stock split. Additional information about the reverse
stock split can be found in the Company's definitive proxy
statement filed with the Securities and Exchange Commission on
May 28, 2015, a copy of which is
available at www.sec.gov or at www.axionpower.com under the SEC
Filings tab located on the Investors page.
About Axion Power International, Inc.
Axion Power is an industry leader in lead-carbon energy
storage. Its PbC battery technology utilizing proprietary
activated carbon electrodes is the only advanced battery that can
be assembled on existing lead-acid production lines throughout the
world. Axion Power's primary goal is to become the leading supplier
of carbon electrode assemblies for lead-acid battery companies
around the world.
For more information, visit www.axionpower.com
Forward-looking Statements
Certain statements in this Press Release are "forward-looking
statements" within the meaning of the Private Securities Litigation
Act of 1995. These forward-looking statements are based on our
current expectations and beliefs and are subject to a number of
risk factors and uncertainties that could cause actual results to
differ materially from those described in the forward-looking
statements. Such risks and uncertainties include the risk for the
Company to complete its development work, as well as the risks
inherent in commercializing a new product (including technology
risks, market risks, financial risks and implementation risks, and
other risks and uncertainties affecting the Company), as well as
other risks that have been included in filings with the Securities
and Exchange Commission, all of which are available
at www.sec.gov. We disclaim any intention or
obligation to revise any forward-looking statements, including,
without limitation, financial estimates, whether as a result of new
information, future events, or otherwise.
Contacts
Axion Power International, Inc.
Charles Trego, CFO
info@axionpower.com
DresnerAllenCaron
Rudy
Barrio (Investors)
r.barrio@allencaron.com
(212) 691-8087
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SOURCE Axion Power International, Inc.