Granite City Food & Brewery Ltd. Announces One-for-Six Reverse Stock Split
Granite City Food & Brewery Ltd. (NASDAQ: GCFB) today announced that its one-for-six reverse stock split was completed effective on the close of business on January 13, 2010. Trading of the Company's common stock on the NASDAQ Capital Market will begin on a split-adjusted basis at the open of trading on January 14, 2010.
On December 29, 2009, the Company's Board of Directors approved a one-for-six share combination of its common stock, also known as a reverse stock split, to be effective at 5:00 p.m. EST on January 13, 2010. The Company filed an amendment to its Articles of Incorporation to effect the reverse stock split.
The reverse stock split is intended to enable the per share trading price of the Company's common stock to increase to satisfy the minimum bid price requirement for continued listing set forth in NASDAQ Listing Rule 5550(a)(2). The Company previously announced that it had until January 29, 2010, to satisfy its minimum bid price deficiency.
As a result of the reverse stock split, every six shares of the Company's common stock that were issued and outstanding as of the effective time were automatically combined into one issued and outstanding share without any change in the par value of such shares, and the number of authorized but unissued shares of the Company's common stock was proportionally reduced. A proportionate adjustment also was made to the Company's outstanding derivative securities. To reflect the reverse stock split, NASDAQ will append the fifth character "D" to the ticker symbol of the Company's common stock for 20 business days.
No fractional shares of common stock will be issued as a result of the reverse stock split. Shareholders of record who would otherwise be entitled to fractional shares will receive cash in lieu of fractional shares.
Following the reverse stock split, the Company expects to have approximately 7.4 million shares of common stock outstanding.
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