Cohesant Inc. (COHY.PK) announced that its Board has approved a 1-for 50,000 reverse stock split of its Common Stock, $0.01 par value. The Reverse Stock Split will be immediately followed by a 50,000-for-1 forward stock split. Stockholders holding 50,000 or more shares of Common Stock immediately prior to the Reverse Stock Split on the Effective Date will not be affected by the stock splits. Stockholders of record owning fewer than 50,000 shares of Common Stock immediately preceding the Reverse Stock Split will be paid $0.60 in cash for each pre-Reverse Stock Split share of Common Stock held rather than receiving fractional shares.
The company stated that Stockholders will be asked to approve amendments to Cohesant's Certificate of Incorporation effecting the stock splits at a Special Stockholders' Meeting scheduled for December 19, 2011. If approved by its stockholders in accordance with Cohesant's charter and Delaware law, the stock splits would become effective on December 21, 2011. The Record Date for the Special Stockholders' Meeting is December 6, 2011.
Stockholders who own less than 50,000 Company shares but do not want to be cashed out may be able to remain Company stockholders if they are able to purchase a sufficient number of Company shares in advance of the reverse stock split so that they hold at least 50,000 shares on the date of the reverse stock split.
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