NEW YORK, Oct. 29, 2015 /PRNewswire/ -- DGT Holdings Corp. (formerly traded on theOTCBB: DGTC) (the "Company") announced today that it has completed its previously announced 1-for-100,000 reverse stock split of the Company's common stock. On October 29, 2015, the Company filed an amendment to the Company's Certificate of Incorporation effecting the reverse stock split, which was approved and adopted by the Company's shareholders at a special meeting of shareholders held October 28, 2015. As a result of the reverse stock split, the Company became a wholly-owned subsidiary of Steel Partners Holdings L.P. and the Company ceased trading on the Over-the-Counter Bulletin Board on October 29, 2015.
Warren G. Lichtenstein, Chairman of the Board of Steel Partners Holdings L.P. (NYSE:SPLP), stated, "We are pleased to provide liquidity to DGT minority shareholders while also furthering our goal to simplify the SPLP structure."
Shareholders owning fewer than 100,000 shares of common stock (the "Cashed Out Shareholders") will not receive fractional shares as a result of the reverse stock split. In lieu thereof, the Cashed Out Shareholders have had such shares cancelled and converted into the right to receive $18.30 for each share of common stock held prior to the reverse stock split.
The Company has retained its transfer agent, Continental Stock Transfer & Trust Company, to act as exchange agent for the reverse stock split. Shareholders of record as of October 29, 2015 will receive a letter of transmittal providing instructions for the surrender of their pre-reverse split share certificates. Shareholders owning shares via a broker or other nominee will have their positions automatically adjusted to reflect the reverse stock split and will not be required to take any action in connection with the reverse stock split unless contacted by such broker or other nominee.
DGT Holdings Corp.
Chief Executive Officer
Chief Financial Officer
SOURCE DGT Holdings Corp.