ST. PETERSBURG, FL, Dec. 28, 2018 (GLOBE NEWSWIRE) -- Sylios Corp (OTC Pink: UNGS), a holding company with operations engaged in the exploration and development of oil and natural gas properties, site specific real estate development, holdings in equities, corporate debt and alternative investments is pleased to update shareholders on the Company’s reverse stock split.
On December 27, 2018, the Company’s 1:4000 reverse stock split was deemed effective by the Financial Industry Regulatory Authority (“FINRA”). On December 28, 2018, the Company’s common stock will begin trading split adjusted under the symbol “UNGSD” for twenty days. After this time, the stock symbol will revert back to “UNGS”. The new Cusip number for the Company’s common stock is 871324307.
The reverse stock split will decrease the number of common shares outstanding from approximately 11.9 billion to approximately 2.9 million shares. The number of our authorized common shares will be reduced to 750 million. The reverse stock split will not effect the Company’s Preferred shares. In connection with the reverse stock split, there will be no change in the nominal par value per share of $0.001. No fractional shares will be issued in connection with the reverse split. Stockholders who would otherwise be entitled to receive a fractional share will instead receive one full share of the Company’s common stock (round up).
The Company has retained its transfer agent, Pacific Stock Transfer, to act as its exchange agent for the reverse stock split. Pacific Stock Transfer will provide stockholders of record as of the Effective Time instructions for the exchange of their stock certificates. Stockholders owning shares via a broker or other nominee will have their positions automatically adjusted to reflect the reverse stock split, subject to brokers’ particular processes, and will not be required to take any action in connection with the reverse stock split.
About Sylios Corp
Sylios Corp, based in St. Petersburg, FL, is a holding corporation with operations engaged in the exploration and development of oil and natural gas properties, holdings in equities, alternative investments, corporate debt and site-specific real estate development. For further information, please visit the Company’s website at www.sylios.com.
Forward Looking Statements and Disclaimer
Statements made in this press release that express the Company or management's intentions, plans, beliefs, expectations or predictions of future events, are forward-looking statements. The words "believe," "expect," "intend," "estimate," "anticipate," "will" and similar expressions are intended to further identify such forward-looking statements, although not all forward-looking statements contain these identifying words. Those statements are based on many assumptions and are subject to many known and unknown risks, uncertainties and other factors that could cause the Company's actual activities, results or performance to differ materially from those anticipated or projected in such forward-looking statements. The Company cannot guarantee future financial results; levels of activity, performance or achievements and investors should not place undue reliance on the Company's forward-looking statements. No information contained in this press release should be construed as any indication whatsoever of the Company's future financial performance, future revenues or its future stock price. The forward-looking statements contained herein represent the judgment of the Company as of the date of this press release, and the Company expressly disclaims any intent, obligation or undertaking to update or revise such forward-looking statements to reflect any change in the Company's expectations with regard thereto or any change in events, conditions or circumstances on which any such statements are based. No information in this press release should be construed as any indication whatsoever of the Company's future revenues or results of operations.