ROCHESTER, N.Y., Dec. 23, 2011 /PRNewswire/ -- Arista Power, Inc. ("Arista Power" or the "Company") (OTCBB:ASPW, ASPWD), a manufacturer, designer and integrator of renewable energy generation, management and distribution systems, announced today that it has filed a Certificate of Amendment to the Company's Restated Certificate of Incorporation with the Secretary of State of the State of New York to effect a 1-for-20 reverse stock split of its common stock that will become effective on December 27, 2011.
The reverse stock split, which was approved by shareholders holding a majority of the shares of the Company's common stock, will reduce the number of shares of the Company's outstanding common stock from approximately 226.5 million to approximately 11.3 million. No fractional shares will be issued in connection with the reverse stock split. Any fractional post-split shares as a result of the reverse stock split will be rounded up to the nearest whole post-split share. The reverse stock split will not affect any shareholder's ownership percentage of the common stock, except to the limited extent that the reverse stock split would result in any fractional shares being rounded up.
The company will have a new CUSIP number of 040414203 starting on December 27, 2011. As part of the reverse stock split, FINRA will append a "D" to the Company's ticker symbol to indicate the completion of the reverse split. After 20 business days following the reverse split, the ticker symbol will revert back to "ASPW."
Additional Information for Shareholders
No shareholder should take any action with respect to the reverse stock split at this time.
Shareholders who hold their shares in brokerage accounts, also known as holding the shares in "street name", will not be required to take any action once the reverse split becomes effective, as the number of their shares of the Company's common stock will be automatically adjusted to reflect the number of shares as adjusted by the reverse stock split.
Shareholders of record who hold physical stock certificates will receive a Transmittal Letter from the Company's Transfer Agent, American Stock Transfer and Trust Company LLC ("American Stock Transfer") after the reverse stock split becomes effective requesting that they surrender their old stock certificates to American Stock Transfer for new stock certificates reflecting the adjusted number of shares as a result of the reverse stock split. American Stock Transfer will act as the sole exchange agent for implementing the exchange of stock certificates. Shareholders should not send stock certificates to the Company. Shareholders should not destroy any stock certificates and should not submit any stock certificates until requested to do so by American Stock Transfer.
About Arista Power, Inc.
Arista Power, Inc. is a developer, manufacturer, and supplier of custom-designed power management systems, renewable energy storage systems, WindTamer wind turbines, and a supplier and designer of solar energy systems. Arista Power's patent-pending Power on Demand system utilizes inputs from multiple energy sources including wind, solar, fuel cells, and the grid, in conjunction with a custom-designed battery storage system and a proprietary smart monitoring technology that releases energy at optimal times to reduce peak power demand, thereby lowering electricity costs for large energy users who deal with peak usage pricing. Arista Power also sells a Mobile Renewable Power Station that generates wind and solar energy that is stored in an onboard storage device for military and other applications, and a stationary, scalable Renewable Power Station that can be drop-shipped to off-grid locations to be used as a 'micro-grid.' Arista Power's diffuser-augmented WindTamer wind turbine utilizes a patented technology for the production of electrical power. For more information on Arista Power, go to www.aristapower.com.
This press release may contain forward-looking statements based on current expectations that involve a number of risks and uncertainties. Arista Power, Inc. cautions investors not to place undue reliance on forward-looking statements, which reflect Arista Power's analysis only as of today's date. There can be no assurance that such forward-looking statements will prove to be correct, and actual results could differ materially. Arista Power undertakes no obligation to publicly update forward-looking statements. Further information on these factors, and other factors that could affect Arista Power's financial results, is included in Arista Power's Securities and Exchange Commission filings, including the latest Annual Report on Form 10-K.
SOURCE Arista Power, Inc.