DANIA BEACH, Fla., Dec. 23, 2013
/PRNewswire/ -- Vapor Corp. (OTCQB:VPCO; "Vapor", the
"Company" or "we"), a leading U.S. based electronic cigarette
company whose brands include Krave®, Fifty-One®, VaporX®,
Alternacig®, EZ Smoker®, Green Puffer®, Americig®, Fumare™, Hookah
Stix® and Smoke Star®, today announced a reverse stock split of its
shares of common stock at a ratio of 1-for-5.
The reverse stock split will be effective with FINRA (the
Financial Industry Regulatory Authority) and in the marketplace at
the open of business December 27,
2013, whereupon the shares of common stock will begin
trading on a split-adjusted basis. The Company's trading symbol on
December 27, 2013 will change to
"VPCOD". Please note that the "D" will be removed 20 business days
from that date and the symbol will revert to the original symbol of
"VPCO." In connection with the reverse stock split, the Company's
CUSIP number will change to 922099205.
As a result of the reverse stock split, the Company's issued and
outstanding shares of common stock will decrease to approximately
16 million post-split shares (prior to effecting the rounding of
fractional shares into whole shares as described below) from
approximately 81 million pre-split shares.
As a result of the reverse stock split, the total number of
shares of common stock held by each stockholder will be converted
automatically into the number of whole shares of common stock equal
to (i) the number of shares of common stock held by such
stockholder immediately prior to the reverse stock split, divided
by (ii) 5.
No fractional shares will be issued, and no cash or other
consideration will be paid. Instead, the Company will issue one
whole share of the post-split common stock to any stockholder who
otherwise would have received a fractional share as a result of the
reverse stock split.
Stockholders who are holding their shares in electronic form at
their brokerage firms do not have to take any action as the effects
of the reverse stock split will automatically be reflected in their
brokerage accounts. Stockholders holding paper certificates may
(but are not required to) send the certificates to the Company's
transfer agent at the address given below. The transfer agent will
issue a new share certificate reflecting the terms of the reverse
stock split to each requesting shareholder.
Island Stock Transfer
15500 Roosevelt Boulevard
Suite 301
Clearwater, Florida 33760
Phone: (727) 289-0010
Facsimile: (727) 289-0069
All options, warrants and convertible securities of the Company
outstanding immediately prior to the reverse stock split will be
appropriately adjusted by dividing the number of shares of common
stock into which the options, warrants and convertible securities
are exercisable or convertible by 5 and multiplying the exercise or
conversion price thereof by 5, as a result of the reverse stock
split.
The reverse stock split is being effected in accordance with the
Company's obligation to effect a reverse stock split of the common
stock not later than December 28, 2013 under the Purchase
Agreement dated as of October 22,
2013 by and among the Company and the investors referred to
therein, pursuant to which on October 29,
2013 the Company completed a private placement of 16,666,667
shares of its common stock at a per share price of $0.60 for gross proceeds of $10 million.
For additional information regarding the reverse stock split,
reference is made to Vapor's Current Report on Form 8-K dated
December 19, 2013, as filed with the
Securities and Exchange Commission on December 23, 2013.
About Vapor Corp.
Vapor Corp., a publicly traded
company, is a leading U.S. based electronic cigarette company,
whose brands include Fifty-One®, Krave®, VaporX®, EZ Smoker®,
Alternacig®, Green Puffer®, Americig®, Fumare™, Hookah Stix® and
Smoke Star®. We also design and develop private label brands for
some of our distribution customers. "Electronic cigarettes" or
"e-cigarettes," are battery-powered products that enable users to
inhale nicotine vapor without smoke, tar, ash or carbon monoxide.
Vapor's electronic cigarettes and accessories are available online,
through direct response to our television advertisements and
through retail locations throughout the
United States. For more information on Vapor Corp. and its
e-cigarette brands, please visit us at www.vapor-corp.com.
Safe Harbor Statement
This press release contains
certain forward-looking statements that are made pursuant to the
"Safe Harbor" provisions of the Private Securities Litigation
Reform Act of 1995, as amended. Words such as "expects,"
"anticipates," "plans," "believes," "scheduled," "estimates" and
variations of these words and similar expressions are intended to
identify forward-looking statements. These forward-looking
statements concern Vapor's operations, economic performance and
financial condition and are based largely on Vapor's beliefs and
expectations. These statements involve known and unknown risks,
uncertainties and other factors that may cause the actual results,
performance or achievements of Vapor to be materially different
from any future results, performance or achievements expressed or
implied by such forward-looking statements. Certain of these
factors and risks, as well as other risks and uncertainties are
stated in Vapor's Annual Report on Form 10-K for the fiscal year
ended December 31, 2012 and in
Vapor's subsequent filings with the U.S. Securities and Exchange
Commission. These forward-looking statements are made as of the
date of this press release, and Vapor assumes no obligation to
update the forward-looking statements or to update the reasons why
actual results could differ from those projected in the
forward-looking statements.
Investor contact:
Garth Russell / Jeffrey Goldberger
grussell@kcsa.com / jgoldberger@kcsa.com
Phone: 212-896-1250 / 212-896-1249
SOURCE Vapor Corp.