RESTON, Va., Oct. 28, 2019 (GLOBE NEWSWIRE) -- Lightbridge Corporation (LTBR), a nuclear fuel technology development company, today announced that it anticipates maintaining its listing on the NASDAQ Capital Market following the recent one-for-twelve reverse stock split of its outstanding common stock completed on October 21, 2019.
In accordance with the reverse split, each stockholder’s percentage ownership interest in Lightbridge remains unchanged. Any fractional shares resulting from the reverse stock split were rounded up to the nearest whole share of common stock. Additionally, the number of authorized shares of common stock were reduced from 100,000,000 to 8,333,333.
Seth Grae, Chief Executive Officer of Lightbridge, commented, “Management had wanted to avoid the need for a reverse stock split, but milestones that we had anticipated did not occur soon enough, and we had to decide whether to conduct a reverse split to maintain the NASDAQ listing. Given these anticipated near-term milestones, which we believe have the potential to drive significant shareholder value, we decided to prioritize maintaining our NASDAQ listing. Effecting this reverse split on a one-for-twelve basis should help ensure a share price that we believe will enable us to attract a broader universe of institutional investors, as well as maintain our current institutional investor base. We are encouraged by the outlook for the business and our balance sheet remains strong with approximately $20 million in cash, and no long-term debt. We look forward to providing additional updates on near-term term milestones, including our first commercial relationship with a nuclear plant operator/electric utility.”
About Lightbridge Corporation
Lightbridge (LTBR) is a nuclear fuel technology development company based in Reston, Virginia, USA. The Company develops proprietary next generation nuclear fuel technologies for current and future reactors, which significantly enhances the economics and safety of nuclear power, operating about 1000° C cooler than standard fuel. In January 2018, Lightbridge and Framatome, Inc. formed a 50-50 joint venture, Enfission, LLC, to develop, license, manufacture, and sell nuclear fuel assemblies based on Lightbridge-designed metallic fuel technology and other advanced nuclear fuel intellectual property. Enfission has the exclusive rights to this technology and is responsible for the development of manufacturing processes and fuel assembly designs for pressurized water reactors (PWRs), boiling water reactors (BWRs), water-cooled small modular reactors, and water-cooled research reactors developed around this intellectual property. PWRs and BWRs constitute the most widely used reactor types in the world. Four large electric utilities that generate about half the nuclear power in the US already advise Lightbridge on fuel development and deployment. In addition to distributions from Enfission based on the parties’ ownership interest in the joint venture, Lightbridge anticipates receiving future licensing revenues in connection with sales by Enfission of nuclear fuel incorporating its intellectual property. Lightbridge also provides comprehensive advisory services for established and emerging nuclear programs based on a philosophy of transparency, non-proliferation, safety and operational excellence. For more information please visit: www.ltbridge.com.
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Forward Looking Statements
With the exception of historical matters, the matters discussed in this news release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the continued listing of the Company’s common stock on Nasdaq, any increase in institutional ownership, the outlook of the business, and near-term term milestones. These statements are based on current expectations on the date of this news release and involve a number of risks and uncertainties that may cause actual results to differ significantly from such estimates. The risks include, but are not limited to, the degree of market adoption of the Company’s product and service offerings; market competition; dependence on strategic partners; demand for fuel for nuclear reactors; the Company’s ability to manage its business effectively in a rapidly evolving market; as well as other factors described in Lightbridge’s filings with the Securities and Exchange Commission. Lightbridge does not assume any obligation to update or revise any such forward-looking statements, whether as the result of new developments or otherwise. Readers are cautioned not to put undue reliance on forward-looking statements.
Investor Relations Contact:
David Waldman/Natalya Rudman
Tel. +1 855-379-9900