QKL Stores Inc. to Effect Reverse Stock Split of its Common Stock
DAQING, China, Feb. 4, 2013
DAQING, China, Feb. 4, 2013 /PRNewswire/ -- QKL Stores Inc. (the "Company")
(Nasdaq: QKLS), a leading regional supermarket chain in Northeastern China,
today announced that on February 4, 2013, the Company filed a Certificate of
Amendment to the Company's Certificate of Incorporation, as amended to date
(the "Certificate of Amendment"), with the Secretary of State of the State of
Delaware to effect a one-for-eight reverse stock split (the "Reverse Split")
of the issued and outstanding common stock of the Company, so that every eight
(8) outstanding shares of common stock before the Reverse Split represents one
(1) share of common stock after the Reverse Split. The Reverse Split became
effective on and as of February 4, 2013. The Reverse Split was duly approved
by the Board of Directors of the Company and the Company's shareholders
entitled to vote a majority of the shares of common stock pursuant to Delaware
General Corporation Law.
As a result of the Reverse Split, the number of outstanding shares of common
stock of the Company will be reduced to approximately 1.44 million shares.
Fractional stockholdings will be rounded up to the nearest whole number. Each
shareholder's percentage ownership interest in the Company and proportional
voting power remains unchanged after the Reverse Split except for minor
changes and adjustments resulting from rounding of fractional interests. The
rights and privileges of the holders of common stock are substantially
unaffected by the Reverse Split. The shareholders of common stock should
contact their broker or the Company's transfer agent, Empire Stock Transfer
Inc. at (702) 818-5898, for instruction relating to the reverse split
procedures. The Reverse Split is part of the Company's strategy to maintain
the listing of its shares on the NASDAQ Capital Market.
At the market opening on February 5, 2013, the Company's common stock expects
to begin trading on The NASDAQ Stock Market on a post-split adjusted basis
under a new CUSIP number. The Company's ticker symbol of "QKLS" will remain
unchanged as a result of the Reverse Split, although it is expected that
NASDAQ will append a "D" to the Company's ticker symbol for approximately 20
trading days following the effective date of the Reverse Split to indicate the
completion of the Reverse Split.
About QKL Stores Inc.:
Based in Daqing, China, QKL Stores, Inc. is a leading regional supermarket
chain company operating in Northeastern China. QKL Stores sells a broad
selection of merchandise, including groceries, fresh food, and non-food items,
through its retail supermarkets, hypermarkets and department stores; the
Company also has its own distribution centers that service its supermarkets.
For more information, please access the Company's website at:
Safe Harbor Statement
Certain statements in this release and other written or oral statements made
by or on behalf of the Company are "forward looking statements" within the
meaning of the federal securities laws. Statements regarding future events and
developments and our future performance, as well as management's expectations,
beliefs, plans, estimates or projections relating to the future, are
forward-looking statements within the meaning of these laws. The forward
looking statements are subject to a number of risks and uncertainties
including market acceptance of the Company's services and projects and the
Company's continued access to capital and other risks and uncertainties. The
actual results the Company achieves may differ materially from those
contemplated by any forward-looking statements due to such risks and
uncertainties. These statements are based on our current expectations and
speak only as of the date of such statements.
QKL Stores, Inc.
Mike Li, Investor Relations
SOURCE QKL Stores Inc.
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