NEW CASTLE, Pa., July 15, 2015 /PRNewswire/ -- Axion Power International, Inc. (Nasdaq: AXPW) ("AXION"), a developer of advanced lead-carbon PbC® batteries, energy storage systems and frequency regulation systems, today announced that it has effected a 1-for-35 reverse stock split previously approved by the Company's stockholders at a special meeting held on June 17, 2015. The 1-for-35 reverse stock split was effective as of the close of business on July 13, 2015 and the Company's common stock began trading on a split-adjusted basis on Tuesday, July 14, 2015.
The Company's Class A Warrants, which also trade on the Nasdaq Capital Market under the symbol "AXPWW", were also subject to the reverse split and began trading on a split-adjusted basis on Tuesday, July 14, 2015. The new CUSIP Number for the Class A Warrants is 05460X 133, and any fractional Class A Warrants post split will be adjusted to the nearest whole number. The reverse split reduced the number of Class A Warrants from 2,156,520 to approximately 61,615 Class A Warrants on a post split basis. As a result of the reverse split, the exercise price of the Class A Warrants increased from $.50 per share to $17.50 per share.
However, the Company's Class B Warrants will not be subject to the reverse split, so that there are still 609,446 Class B Warrants on a post split basis. Instead, the 1:35 reverse split will be factored into the equation at the time of exercise of the Class B Warrants (in other words, on a cash exercise basis, each Class B Warrant is exercisable into 1/35 of a share of Company common stock). As a result of the reverse split, the cash exercise price of the Class B Warrants increased from $3.25 per share to $113.75 per share, and the $0.10 number in the "market price" definition in the "further cashless exercise" provision for the Class B Warrants (Section 220.127.116.11 of the Warrant Agreement) has been adjusted to $3.50.
About Axion Power International, Inc.
Axion Power is an industry leader in lead-carbon energy storage. Its PbC battery technology utilizing proprietary activated carbon electrodes is the only advanced battery that can be assembled on existing lead-acid production lines throughout the world. Axion Power's primary goal is to become the leading supplier of carbon electrode assemblies for lead-acid battery companies around the world.
For more information, visit www.axionpower.com
Certain statements in this Press Release are "forward-looking statements" within the meaning of the Private Securities Litigation Act of 1995. These forward-looking statements are based on our current expectations and beliefs and are subject to a number of risk factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Such risks and uncertainties include the risk for the Company to complete its development work, as well as the risks inherent in commercializing a new product (including technology risks, market risks, financial risks and implementation risks, and other risks and uncertainties affecting the Company), as well as other risks that have been included in filings with the Securities and Exchange Commission, all of which are available at www.sec.gov. We disclaim any intention or obligation to revise any forward-looking statements, including, without limitation, financial estimates, whether as a result of new information, future events, or otherwise.
Axion Power International, Inc.
Charles Trego, CFO
Rudy Barrio (Investors)
SOURCE Axion Power International, Inc.