NEW CASTLE, Pa., July 2, 2014 /PRNewswire/ -- Axion Power International, Inc., (OTC QB: AXPW), the developer of advanced lead-carbon PbC® batteries and energy storage systems, announced today that the Company's shareholders, pursuant to a written consent solicitation, have authorized the Company's Board of Directors to (i) effectuate, in its discretion, an amendment to its Certificate of Incorporation, as amended, to effectuate a reverse stock split (the "Reverse Stock Split") of its issued and outstanding common stock, par value $0.0001 per share, by a ratio of no less than one-for-twenty (such that for every twenty shares issued and outstanding prior to such split one share will remain after such split) and no more than one-for-fifty (such that for every fifty shares issued and outstanding prior to such split one share will remain after such split) at any time prior to December 31, 2014, and (ii) reduce the authorized number of shares of Common Stock from 350 million to 100 million upon effecting a Reverse Split (the "Reduction in Authorized Shares"). The Reverse Stock Split and Reduction in Authorized Shares will be effected by filing a Certificate of Amendment to Certificate of Incorporation with the Secretary of State of the State of Delaware.
As of July 2,,2014, with respect to the Reverse Stock Split, 173,514,581 shares of the Company's issued and outstanding on the record date of May 12, 2014 ("Record Date") had been voted, which constitutes 78.33% of the total shares issued and outstanding on the Record Date.
The vote breakdown is as follows:
In favor of the Reverse Stock Split -
(95.29% of shares voted)
Opposed to the Reverse Stock Split -
(4.42% of shares voted)
(0.28% of shares voted)
As of July 2, 2014, with respect to the Reduction in Authorized Shares, 173,514,581 shares of the Company's issued and outstanding on the record date of May 12, 2014 ("Record Date") had been voted, which constitutes 78.33% of the total shares issued and outstanding on the Record Date.
The vote breakdown is as follows:
In favor of the Reduction in Authorized Shares -
(95.71% of the shares voted)
Opposed to the Reduction in Authorized Shares -
(3.80% of the shares voted)
(0.49% of the shares voted)
About Axion Power International, Inc.
Axion has developed and patented a next generation energy storage device that won the prestigious Frost & Sullivan Technology Award for North America in the field of lead-acid batteries. According to Frost & Sullivan, Axion's new PbC® batteries have "the potential to revitalize the lead-acid battery industry by breathing new life into an established technology that has not been well suited to the requirements of important new applications like hybrid electric vehicles and renewable power."
Axion Power International, Inc. is the industry leader in the field of lead carbon energy storage technologies. Axion believes its new PbC battery technology is the only class of advanced battery that can be assembled on existing lead-acid battery production lines throughout the world utilizing Axion's proprietary activated carbon electrodes. Axion's future goal, after filling their plant's lead-carbon battery production capacity, is to become the leading supplier of carbon electrode assemblies for the global lead-acid battery industry.
For more information, visit www.axionpower.com
Certain statements in this Press Release are "forward-looking statements" within the meaning of the Private Securities Litigation Act of 1995. These forward-looking statements are based on our current expectations and beliefs and are subject to a number of risk factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Such risks and uncertainties include the risk for the Company to complete its development work, as well as the risks inherent in commercializing a new product (including technology risks, market risks, financial risks and implementation risks, and other risks and uncertainties affecting the Company), as well as other risks that have been included in filings with the Securities and Exchange Commission, all of which are available at www.sec.gov. We disclaim any intention or obligation to revise any forward-looking statements, including, without limitation, financial estimates, whether as a result of new information, future events, or otherwise.
Axion Power International, Inc.
Thomas Granville, CEO
(724) 654 9300
Len Hall (Media)
SOURCE Axion Power International, Inc.