CDTi sees September 21 as effective date of reverse stock split
CDTi Advanced Materials announced the expected effective date of its 1-for-5 reverse stock split. Stockholders granted the board of directors discretionary authority to effect the reverse split at the company's annual meeting of stockholders held on August 24, 2018. CDTi anticipates the reverse split to be effective after the close of trading on NASDAQ on Friday, September 21, 2018, and for the common stock to continue trading on NASDAQ under the trading symbol "CDTI" under new CUSIP number 12514V204 on a split-adjusted basis commencing at the open of trading on Monday, September 24, 2018. The reverse split will reduce the number of outstanding shares of CDTi common stock from approximately 20 million shares to approximately 4 million shares. Correspondingly, the trading price of CDTi common stock is expected to proportionately increase immediately following the Effective Date. The company will not issue any fractional shares resulting from the reverse split. Instead, any stockholder who would otherwise be entitled to less than one full share of CDTi common stock will receive a cash payment for such fractional share at a rate equal to the average of the closing prices per share of CDTi common stock on NASDAQ over the five trading days immediately preceding the Effective Date.