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Active Power Announces Plans for Reverse Stock Split
By: Marketwired .
Nov. 5, 2012 09:25 PM
AUSTIN, TX -- (Marketwire) -- 11/05/12 -- Active Power (NASDAQ: ACPW), manufacturer of UPS (uninterruptible power supply) systems and modular infrastructure solutions, announced that its board of directors has authorized its management to obtain the required shareholder and other approvals and prepare and file the necessary documents to effect a 5-for-1 reverse split of its outstanding and authorized common and preferred stock.
The reverse stock split is subject to the approval of Active Power's shareholders. Active Power filed a preliminary proxy statement with the SEC today for a special meeting of shareholders at which time such approval will be sought. The date and other details of the special meeting will be communicated to shareholders at a later date. Active Power currently expects to complete the reverse split by the end of the fourth quarter of 2012.
"Our intent is to continue to trade on the NASDAQ Capital Market," said Doug Milner, president and CEO, at Active Power. "To that end and after careful evaluation of our options, we have decided to pursue a reverse stock split to regain compliance with the minimum bid price requirement of the NASDAQ Capital Market. In addition to sustaining our NASDAQ listing, we believe a higher share price resulting from a reverse stock split will help broaden our shareholder base by increasing our appeal to institutional investors and as a result enhance long-term shareholder value."
Additional Information Regarding Proposed Transaction
Active Power has filed a preliminary proxy statement with the SEC in connection with the reverse split. This press release is not a solicitation of shareholders or their votes on the proposed reverse split. Active Power plans to file definitive proxy materials and other information concerning the proposed transaction with the SEC. Active Power urges investors to review the proxy statement and other information filed with the SEC because it contains important information. These documents are available without charge on the SEC web site at www.sec.gov. A free copy of the definitive proxy statement may also be obtained from Active Power through its investor relations contacts. Investors should read the proxy statement carefully before making any voting decision.
About Active Power
Cautionary Note Regarding Forward-Looking Statements
Active Power and CleanSource are registered trademarks of Active Power, Inc. The Active Power logo and PowerHouse are trademarks of Active Power, Inc. All other trademarks are the properties of their respective companies.
SOURCE: Active Power, Inc.
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