Thorium Power Completes 1-For-30 Reverse Stock Splilt
Mon. September 28, 2009; Posted: 04:05 AM
Sep 28, 2009 (FinancialWire via COMTEX) -- THPW | Quote | Chart | News | PowerRating -- (Comment on this article at financialwire.net
September 28, 2009 (FinancialWire) -- Thorium Power, Ltd. (OTCBB: THPW), a leading developer of non-proliferative nuclear fuel technology and provider of comprehensive advisory services for civil nuclear energy programs, announced the completion of a 1-for-30 reverse stock split of the company's common stock, effective for shareholders of record on September 18th, 2009. The reverse stock split will be effective for trading purposes on or about September 28, 2009.
Thorium Power shareholders will receive one new share of the company's common stock for every 30 shares held. The reverse split will reduce the number of shares issued from 301.8 million to approximately 10 million, and will not negatively affect any of the rights that accrue to holders of Thorium Power common stock, convertible debentures, options, deferred stock units or other securities convertible into the company's common stock.
"The completion of the reverse split is an integral step in the process of our securing a listing on NASDAQ, and that listing will be another important milestone in our development," stated Seth Grae, Thorium Power's president and CEO. "We're an emerging player in the growing global nuclear energy industry, we've expanded our strategic partnerships and relationships through our consulting work in the UAE and work on the nuclear fuel technology side with Areva, and we have a depth of talent that is widely recognized and respected in the industry. All of these factors, together with this reverse split, future NASDAQ listing and corporate name change to Lightbridge, will permit our company and stock to attract more attention from the investment community and provide investors a more viable opportunity to follow our progress."
Thorium Power is based in McLean, VA.
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