Upon effectiveness of the reverse stock split, every eight shares of the companys issued and outstanding common stock automatically converted into one issued and outstanding share of common stock. No cash or fractional shares were issued in connection with the reverse stock split, and instead the company rounded up to the next whole share in lieu of issuing factional shares that would have been issued in the reverse split.
The reverse stock split, which was approved by Satcons stockholders on June 20, 2012, reduced the outstanding number of shares of common stock from approximately 144.2 million to approximately 18.0 million. Concurrent with the reverse stock split, Satcon reduced the number of authorized shares of its common stock to 37.5 million.
For the 20 trading days immediately following the reverse split, Satcons common stock will trade on a post-split basis under the trading symbol SATCD as an interim symbol to denote the reverse split. After this 20 trading day period, Satcons common stock will resume trading under the symbol SATC. In addition, the split-adjusted common stock will trade under a new CUSIP number, 803893 403.
American Stock Transfer & Trust Company, LLC, the companys transfer agent, is acting as the exchange agent for the reverse stock split. Stockholders with shares held in brokerage accounts or street name are not required to take any action to effect the exchange of their shares. Stockholders who have existing stock certificates will receive instructions from the transfer agent regarding the process for exchanging their shares shortly after July 19, 2012.
