US: XStream announces reverse stock split
XStream Beverage Group, Inc. announced today that its board of directors has approved a one for 20 reverse stock split of the company's outstanding common stock. XStream Beverage has approximately 47,854,417 shares of common stock outstanding before the stock split which will be reduced to approximately 2,392,721 shares giving effect to the stock split.
In a statement, the company said that its board of directors had decided to undertake the reverse stock split to reduce the cost to trade the company's common stock and to achieve pricing more in line with institutional price preferences and with most major exchanges.
The record date for the split was last Friday (16 July) and became effective at market open today (Monday 19 July). Effective with the reverse stock split the company's trading symbol on the OTC Bulletin Board will change to "XSBV" and the new CUSIP number for its common stock will be 98415K207.
Any fractional shares, which might result from the split will be rounded up to the nearest whole share, the company said. Stockholders of XStream Beverage are not required to exchange their existing stock certificates for new certificates representing the number of shares owned by the shareholder post-split as the transfer records for XStream Beverage will be automatically adjusted by InterWest Stock Transfer, its transfer agent.
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