Advancing Business: Energy Telecom To Reverse Split
July 6, 2010 (FinancialWire) (Go to http://www.financialwire.net/?s=ftrdnwswnd for all of today’s featured news.) — Energy Telecom, Inc. (OTC: ENRGD) said it is taking the next step in its plan of growing the company, since beginning sales of its patent protected telecom eyewear on June 28th.
The company filed amended and restated articles of incorporation with the Florida secretary of state, which implements a share consolidation of Energy Telecom's authorized and issued common stock on a five for one basis.The share consolidation is effective as of June 30, 2010 and trading of the company's common stock continued on a reverse stock split-adjusted basis beginning on June 30.
To reflect the reverse stock split, FINRA will append the fifth character "D" to Energy Telecom's ticker symbol for 20 business days. During that time, Energy Telecom's common stock will continue to be listed on the Pink Sheets and trade under "ENRGD."
According to the company, stockholders do not have to take any action in connection with the share consolidation. If they hold shares of Energy Telecom's common stock in "street name" through a broker, bank or other financial institution, their shares will be automatically adjusted in accordance with the share consolidation ratio. If they hold shares of Energy Telecom's common stock in certificate or registered form, Energy Telecom's transfer agent will likewise adjust their holdings in accordance with the share consolidation ratio.
Energy Telecom holds U.S. and foreign patents allowing for the manufacture, marketing and distribution of the world's first hands-free, wireless communication eyewear providing quality sound and noise attenuation.
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