Syntroleum Announces Planned 1-for-10 Reverse Stock Split
TULSA, Okla., March 25, 2013 (GLOBE NEWSWIRE) -- Syntroleum Corporation
("Syntroleum" or the "Company") (Nasdaq:SYNM) announced today that its Board
of Directors has approved a 1-for-10 reverse split of its common stock. As
previously disclosed in the Form 8-K filed June 28, 2012, the Company's
stockholders voted to grant discretion to the Board of Directors to effect a
reverse stock split of the Company's common stock at any ratio between 1-for-2
and 1-for-10, with the final decision to be determined by the Company's Board
of Directors in its discretion.
Syntroleum currently intends for the reverse stock split to become effective
after the close of trading on Thursday, April 11, 2013. The Company's common
stock is expected to begin trading on a split adjusted basis on the Nasdaq
Capital Market ("Nasdaq") at the opening of trading on Friday, April 12, 2013,
subject to the final determination of Nasdaq. Syntroleum's common stock will
continue trading on Nasdaq under its ticker symbol "SYNM" but the Company will
trade under a new CUSIP number.
As a result of the reverse stock split, every ten shares of Syntroleum's old
common stock will be converted into one share of Syntroleum's new common
stock. Fractional shares resulting from the reverse stock split will be
settled by cash payment from the Company's transfer agent, American Stock
Transfer & Trust Company, LLC ("AST"). The amount of the cash payment will be
determined based on the closing market price of the common stock as reported
on Nasdaq on March 22, 2013.Receipt of the cash payment is conditional upon
submission of a letter by the Company's stockholders to AST and, where shares
are held in certificated form, the surrender of all old certificate(s).
AST will send instructions to stockholders of record regarding the exchange of
certificates for common stock and the process for receiving a cash payment in
lieu of fractional shares.
About Syntroleum (Nasdaq:SYNM)
Syntroleum Corporation owns the Syntroleum® Process for Fischer-Tropsch (FT)
conversion of synthesis gas into liquid hydrocarbons, the Synfining® Process
for upgrading FT liquid hydrocarbons into refined petroleum products, and the
Bio-Synfining® technology for converting renewable feedstocks into drop-in
fuels. Syntroleum has a 50% interest in Dynamic Fuels, LLC, which operates a
75 million gallon per year renewable fuels facility located in Geismar,
Louisiana utilizing its Bio-Synfining® technology. For additional information,
visit the Company's web site at www.syntroleum.com
The Syntroleum Corporation logo is available at
This document includes forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995, as well as historical facts.
These forward-looking statements may include statements relating to the
Fischer-Tropsch ("FT") Process, Syntroleum® Process, the Synfining® Process,
and related technologies including, gas-to-liquids ("GTL"), coal-to-liquids
("CTL"), and biomass-to-liquids ("BTL"), our renewable fuels Bio-Synfining®
Technology, plants based on the Syntroleum® Process and/or Bio-Synfining®,
anticipated costs to design, construct and operate these plants, the time of
commencement and completion of the design and construction of these plants,
expected production of fuel, obtaining required financing for these plants and
our other activities, the economic construction and operations of
Fischer-Tropsch ("FT") and/or Bio-Synfining® plants, the value and markets for
products, testing, certification, characteristics and use of Plant products,
the continued development of the Syntroleum® Process and Bio-Synfining®
Technology and the anticipated capital expenditures, expense reductions, cash
outflows, expenses, use of proceeds from out equity offerings, anticipated
revenues, availability of catalyst, our support of and relationship with our
licensees, and any other forward-looking statements including future growth,
cash needs, capital availability, operations, business plans and financial
results. When used in this document, the words "anticipate," "believe,"
"estimate," "expect," "intend," "may," "plan," "project," "should" and similar
expressions are intended to be among the statements that identify
forward-looking statements. Although we believe that the expectations
reflected in these forward-looking statements are reasonable, these kinds of
statements involve risks and uncertainties. Actual results may not be
consistent with these forward-looking statements. Syntroleum undertakes no
obligation to update or revise forward-looking statements to reflect changed
assumptions, the occurrence of unanticipated events or changes to future
operating results over time. Important factors that could cause actual results
to differ from these forward-looking statements are described under "Item 1A.
Risk Factors" and elsewhere in our 2011 Annual Report on Form 10K.
®"Syntroleum" is registered as a trademark and service mark in the U.S. Patent
and Trademark Office.
CONTACT: Ron Stinebaugh
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