BEVERLY, Mass., May 19, 2015 /PRNewswire/ -- Axcelis Technologies, Inc. (Nasdaq: ACLS), a leading supplier of enabling ion implantation solutions for the semiconductor industry, announced today that on May 4, 2016, Axcelis' stockholders voted to authorize the Board of Directors to implement, in its discretion, a reverse stock split of the outstanding common stock of Axcelis at a ratio of 1-for-4. The reverse split will be effected at the end of the second quarter, on June 30, 2016. When the reverse split is implemented, the approximately 116 million shares outstanding will become approximately 29 million shares outstanding. In addition, the number of authorized shares of common stock will be reduced to 75 million.
Holders of Axcelis shares on June 30, 2016 can expect to receive communications on the implementation of the reverse split from the Company's transfer agent, or, for street name holders, from their banks or brokerage firms. For record holders, fractional shares arising from the reverse split will be aggregated and sold as soon as practicable after the effective time of the reverse stock split at the then prevailing prices on the open market, on behalf of those stockholders who would otherwise be entitled to receive a fractional share. After the completion of such sale, stockholders will receive a cash payment from the transfer agent in an amount equal to their respective pro rata shares of the total net proceeds of that sale. Street name holders will receive communications from their brokerage firms on the handling of fractional shares. Later this year, the Company plans to implement an odd lot program, in which holders of fewer than 100 shares post-split will have a low cost opportunity to sell shares into the market, decreasing the number of record holders and further reducing administrative costs for the Company.
Axcelis (Nasdaq: ACLS), headquartered in Beverly, Mass., has been providing innovative, high-productivity solutions for the semiconductor industry for over 35 years. Axcelis is dedicated to developing enabling process applications through the design, manufacture and complete life cycle support of ion implantation systems, one of the most critical and enabling steps in the IC manufacturing process. Learn more about Axcelis at www.axcelis.com.
The statements in this press release on the timing of the effectiveness of the reverse split, the implementation of the reverse split, including the sale of fractional shares following the reverse split, and the implementation of an odd lot program later this year are "forward-looking statements," which express the current expectations of Axcelis management. Certain risks and uncertainties could cause actual results to differ materially from those currently anticipated as expressed in this press release. Among other factors, such risks and uncertainties include disruptions in the stock market, the completion of the Company's negotiation of contracts with its transfer agent, the timing of the completion of the surrender of stock certificates by current stockholders, unanticipated corporate developments, and global economic and financial conditions. Some of these risks and other risk factors relating to Axcelis are described more fully in the most recent Form 10-K filed by Axcelis and in other filings from time to time with the Securities and Exchange Commission.
Maureen Hart (editorial/media) 978.787.4266
Doug Lawson (investor relations) 978.787.9552
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/axcelis-announces-approval-and-timing-of-reverse-stock-split-300271119.html
SOURCE Axcelis Technologies, Inc.