Aventine Renewable Energy Holdings, Inc. (AVRW.OB) announced that it filed its amended charter to effect the previously announced one-for-50 reverse stock split of Aventine's Common Stock, pursuant to which each 50 shares of Common Stock outstanding was combined into one share of Common Stock.
The company noted that the reverse stock split will be effective in the market as of the open of business on September 24, 2012, under the new trading symbol of "AVRWD" (with the "D" to be removed 20 business days after the effective date in the market).
The company stated that no fractional shares will be issued and stockholders who would be entitled to receive fractional shares because they held a number of shares not evenly divisible by fifty will receive, in lieu of such fractional shares, a cash amount equal to the product of the fractional amount and $6.15.
The total number of shares of Aventine's Common Stock issued and outstanding prior to the reverse split was 8.36 million and the total number of shares of Aventine's common stock issued and outstanding after the reverse split is approximately167,146.
In connection with the reverse split, Aventine maintained the number of authorized shares of Common Stock at 15 million and the par value of its Common Stock at $0.001 par value per share.
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