FORT LAUDERDALE, Fla., Aug. 30, 2013 /PRNewswire/ -- BioPower Operations Corporation (BOPO), announced today that its Board of Directors has approved a one-for-five reverse stock split FINRA effective as of August 30, 2013.
As a result of the reverse stock split, every five shares of pre-split common stock will automatically be reclassified as and converted into one share of post-split common stock. The reverse stock split will reduce the number of shares of the Company's outstanding common stock from 90,280,000 shares to 18,056,000 shares and the number of authorized common stock shares from 500,000,000 to 100,000,000. Any fractional shares resulting from the reverse stock split will be rounded up to the nearest whole share.
The Company's common stock will continue to trade on The OTC:QB Capital Market under the symbol "BOPO," with the fifth character "D" added to the end of the trading symbol, beginning approximately on Tuesday, September 3, 2013, for a period of 20 trading days to indicate that the reverse split has occurred. The Company's common stock will revert to trading under its original symbol "BOPO" after the 20 trading day period.
The Company's stock transfer agent, Continental Stock Transfer ("CST") will act as exchange agent for the reverse stock split. CST will manage the exchange of old, pre-split shares for new post-split shares. Stockholders of record as of the effective time of the reverse stock split will receive a letter of transmittal providing instructions for the exchange of their shares. Stockholders who hold their shares in book entry form will be contacted by CST or their banks or brokers with any instructions. If you have any questions, please contact the Reorganization Department of Continental Stock Transfer & Trust Company at (917) 262-2378 on or after September 4, 2013.
ABOUT BIOPOWER OPERATIONS CORPORATION
BioPower Operations Corporation (OTC: BOPO) is a developmental stage company focused on developing profitable sustainable solutions focused on the environmentally-friendly bio-conversion of biomass and organic wastes into useful and valuable products. The Company's subsidiary, Global Energy Crops Corporation (GECC), is focused on sub-licensing patented waste conversion technology capable of converting organic wastes from humans, poultry and hogs into Class A fertilizer, ethanol, animal feed and other products, to municipalities, poultry and hog producing corporations. BioPower and Agribopo, two wholly-owned subsidiaries are focused on the production, distribution and conversion of biomass crops. Their immediate focus is on the establishment of castor oil growing & milling operations in the Americas. The company was founded in 2010 and is headquartered in Fort Lauderdale, Florida.
This release contains forward-looking statements, including, without limitation, statements concerning our business and possible or assumed future results of operations. Our actual results could differ materially from those anticipated in the forward-looking statements for many reasons including: our ability to continue as a going concern, adverse economic changes affecting markets we serve; competition in our markets and industry segments; our timing and the profitability of entering new markets; greater than expected costs, customer acceptance of our products or difficulties related to our integration of the businesses we may acquire; and other risks and uncertainties as may be detailed from time to time in our public announcements and SEC filings. Although we believe the expectations reflected in the forward-looking statements are reasonable, they relate only to events as of the date on which the statements are made, and our future results, levels of activity, performance or achievements may not meet these expectations. We do not intend to update any of the forward-looking statements after the date of this document to conform these statements to actual results or to changes in our expectations, except as required by law. There is no assurance that a definitive agreement will be completed.
SOURCE BioPower Operations Corporation