CORRECTION: AMERICAN BILTRITE INC. ANNOUNCES REVERSE STOCK SPLIT
Jun 04, 2012
OTC Disclosure News Service
Wellesley Hills, MA –
FOR IMMEDIATE RELEASE
For Further Information:
Howard N. Feist
Chief Financial Officer
AMERICAN BILTRITE INC. ANNOUNCES REVERSE STOCK SPLIT
WELLESLEY HILLS, MA, June 4, 2012 – American Biltrite Inc. (PINK:ABLT) announced today that it will effect a one-for-one-hundred reverse stock split of its common stock, par value $.01 per share. The reverse stock split is planned to take effect on or about 5:00 p.m., June 5, 2012. The Company’s Board of Directors approved the reverse stock split on March 13, 2012, and the stockholders of the Company approved the reverse stock split at the Company’s annual meeting held on May 15, 2012.
As of the effective time of the reverse stock split, each issued and outstanding share of common stock of the Company will be reclassified and reduced into one-one-hundredth of a share of the common stock. Stockholders will not receive fractional shares in connection with the reverse stock split but will receive a cash payment in lieu thereof in an amount per share equal to $4.66, which is the average of the closing price of the common stock on the NYSE Amex in the 15 days on which the common stock traded prior to January 6, 2012, the date on which the Company provided notice to the NYSE Amex and publicly announced its intention to delist and deregister the common stock.
The Company plans to mail instructions and forms to stockholders next week covering the procedure for exchanging pre-split share certificates for post-split share certificates as well as obtaining payment for fractional shares. The instructions will also address what to do if a stockholder cannot locate his or her share certificates. Stockholders holding shares in “street name” will not be contacted and do not need to take any action as a result of this stock split.
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