Canadian fuel cell developer Hydrogenics to consolidate shares
8th February 2010
NASDAQ-listed Canadian hydrogen fuel cell developer Hydrogenics Corporation will implement a share consolidation of its issued and outstanding common shares in order to comply with the minimum bid price rule of the NASDAQ Global Market.
The company said the consolidation will be effective in March 2010 and implemented with a ratio of one post-consolidation share for every 25 pre-consolidation shares.
‘With an interest in preserving the liquidity for our investors that is offered by the NASDAQ Global Market, we wanted to take this step now to ensure continued participation on this highly visible, prestigious exchange,’ said Daryl Wilson, Hydrogenics President and CEO. ‘The share consolidation will also provide the means for a broader base of institutional investors - specifically, those with minimum price criteria - to consider taking a position in the company.’
Hydrogenics’ common shares, listed on the NASDAQ and the Toronto Stock Exchange, will begin trading on a consolidated basis when the NASDAQ and TSX open on 12 March 2010. The consolidation will reduce the number of shares outstanding from approximately 105,049,666 to approximately 4,201,987, said the company.
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March 3rd, 2010 at 5:28 am
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