KADIMA-TZORAN, Israel, Aug. 16, 2019 /PRNewswire/ -- Eviation Aircraft Ltd. announced that at its Special General Meeting of Shareholders held at the Company's offices on Thursday, August 15, 2019 (the "Meeting"), the following resolutions were adopted:
To approve a reverse split of the Company's ordinary shares of no par value at a 1-for-2,550 ratio, and effect a corresponding reduction of share capital and amendments to the Company's Memorandum of Association and Articles of Association.
No fractional shares were issued as a result of the approved reverse share split, which took effect immediately following the Meeting. All resulting fractional shares were rounded down to the nearest whole number of shares and subsequently cancelled. All persons and entities who following the reverse share split ceased to be shareholders of the Company are entitled to receive US $1.63 per each Ordinary Share held by them prior to the reverse share split. Documentation and instructions setting out how these former shareholders may receive such compensation will be mailed in the coming days.
Following the reverse split the Company has ceased to be a public company.
About Eviation Aircraft
Eviation Aircraft Ltd. is developing and manufacturing efficient electric aircraft in an effort to make electric aviation a fast, competitive, and sustainable answer to the on-demand mobility of people and goods. Its distributed propulsion, high-energy density batteries, mission-driven energy management, and new airframe are designed from the ground up to maximize these technological advances for regional flight operators. Eviation is a member of NASA's on-demand mobility program, and serves on the electric aviation committees of the General Aviation Manufacturers' Association (GAMA) and the U.S. Federal Aviation Administration (FAA). Please visit us at www.eviation.co.
SOURCE Eviation Aircraft Ltd.