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WALL TOWNSHIP, N.J., Dec. 01, 2017 -- Coates International, Ltd. (OTC PINK:COTE) (the “Company”). The Company’s board of directors set a reverse stock split ratio of 1 new post-split share of common stock for each 200 shares of pre-split common stock (a 1:200 ratio) to become effective at the close of trading on December 1, 2017. The reverse stock split was originally authorized and announced in an information statement on Schedule 14(c) filed with the Securities Exchange Commission and a mailing to shareholders of record in March 2015. As of the opening of trading on December 4, 2017, the trading price per share will be adjusted to reflect the reverse stock split and the Company’s ticker symbol will begin trading as COTED to designate that it is trading under dividend status for twenty consecutive trading days, after which the ticker symbol will revert back to COTE. The CUSIP number of the post-split shares is 190643205.
Shareholders will receive a detailed communication from American Stock Transfer & Trust, the Company’s stock transfer agent explaining how the share exchange will occur. Anyone holding shares of the Company’s common stock in paper certificate form must submit the old certificates to American Stock Transfer & Trust in order to obtain new, post-split shares. Pre-split shares in certificate form will no longer be able to be sold or transferred; they may only be exchanged for new post-split shares. Any resulting fractional shares will be paid for in cash by the Company based on the closing trading price per share on December 1, 2017.
Management expects that the reverse stock split will result in an increase in the trading price of the common stock, which may reduce costs and facilitate the process for trading in our shares.
There can be no assurance that the Company will be successful in any of its endeavors.
Safe Harbor Statement:
This press release contains forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Please see our filings with the Securities and Exchange Commission. Our public filings with the SEC may be viewed and printed on the website maintained by the SEC at http://www.sec.gov.
Contact Information:
Coates International, Ltd.
Phone: 732-449-7717
Fax: 732-449-0764
www.coatesengine.com
www.mostadvancedengine.com
