28 June, 2017 – Renewable Fuel Corp, Inc. RWFC, a well-known Renewable Energy company based in Las Vegas Nevada announced its plans of a reverse stock split.
The company’s board plans to put into effect a 1-for-10 reverse stock split of its issued common shares. This decision was approved by the board and its shareholders in an amendment to the company’s Articles of Incorporation effective on 28 June, 2017.
The reverse stock split will be effective from Jun 28, 2017, following which, the company’s shares will be traded (on a split-adjusted basis) under the same trading symbol.
With implementation of the reverse stock split, every ten shares of the company’s common stock will be combined into one. This will in turn hugely decrease the number of outstanding shares at from approximately 470 million (as of Jun 28, 2017) to 47 million.
Shareholders with shares held in book-entry form or through a bank, broker or other nominee will see the impact of this reverse stock split, automatically reflected in their accounts on or after Jun 28.