NEW CASTLE, Pa., July 14, 2015 /PRNewswire/ -- Axion Power International, Inc. (Nasdaq: AXPW) ("AXION "), a developer of advanced lead-carbon PbC® batteries, energy storage systems and frequency regulation systems, today announced that it has effected a 1-for-35 reverse stock split previously approved by the Company's stockholders at a special meeting held on June 17, 2015. The 1-for-35 reverse stock split was effective as of the close of business on July 13, 2015 and the Company's common stock will begin trading on a split-adjusted basis on Tuesday, July 14, 2015.
The reverse stock split will reduce the number of shares of the Company's common stock currently outstanding from approximately 93.9 million shares to approximately 2.7 million shares. Proportional adjustments will be made to the conversion and exercise prices of the Company's outstanding warrants, convertible notes and stock options, and to the number of shares issued and issuable under the Company's equity compensation plans.
The number of authorized shares of the Company's common stock will remain 100 million shares. The reverse stock split is intended to increase the market price per share of the Company's common stock to allow the Company to maintain the listing of its common stock on The NASDAQ Capital Market. The Company's common stock will continue to trade on The NASDAQ Capital Market under the symbol "AXPW."
The new CUSIP number for the common stock following the reverse stock split will be 05460X208. Information for Stockholders: Upon the effectiveness of the reverse stock split, each thirty-five shares of the Company's issued and outstanding common stock will be automatically combined and converted into one issued and outstanding share of common stock, par value $0.005 per share. The Company will not issue any fractional shares in connection with the reverse stock split. Instead, fractional share interests will be rounded up to the next largest whole number. The reverse stock split will not modify the rights or preferences of the common stock. As a result of the reverse stock split, the Company will today recommence honoring requests for exercise of its derivative securities.
The Company's transfer agent, Continental Stock Transfer & Trust Company, will act as its exchange agent for the reverse stock split. Continental Stock Transfer & Trust Company will provide stockholders of record holding certificates representing pre-split shares of the Company's common stock as of the effective date a letter of transmittal providing instructions for the exchange of shares. Registered stockholders holding pre-split shares of the Company's common stock electronically in book-entry form are not required to take any action to receive post-split shares. Stockholders owning shares via a broker or other nominee will have their positions automatically adjusted to reflect the reverse stock split, subject to brokers' particular processes, and will not be required to take any action in connect with the reverse stock split. Additional information about the reverse stock split can be found in the Company's definitive proxy statement filed with the Securities and Exchange Commission on May 28, 2015, a copy of which is available at www.sec.gov or at www.axionpower.com under the SEC Filings tab located on the Investors page.
About Axion Power International, Inc.
Axion Power is an industry leader in lead-carbon energy storage. Its PbC battery technology utilizing proprietary activated carbon electrodes is the only advanced battery that can be assembled on existing lead-acid production lines throughout the world. Axion Power's primary goal is to become the leading supplier of carbon electrode assemblies for lead-acid battery companies around the world.
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.
Charles Trego, CFO
Rudy Barrio (Investors)
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SOURCE Axion Power International, Inc.