Vision Energy Corporation (OTC:VENG) (“Vision” or the “Company”) today announced that it will effect a 1-for-5 reverse stock split of its outstanding common stock. The reverse split will be effective for trading purposes as of the commencement of trading on June 13, 2023.
The reverse stock split was previously approved by the Board of Directors of the Company in accordance with Nevada law, under which no stockholder approval is required. The Company’s common stock will be quoted on the OTC under the symbol “VENGD” for 20 business days to designate the reverse split, after which the ticker will revert to “VENG”. The new CUSIP number for the Company will be 92837Y309. As a result of the reverse stock split, every five pre-split shares of common stock outstanding will become one share of common stock. The reverse stock split will leave 8,419,515 common shares outstanding and proportionately reduce the number of shares of authorized common stock from 200,000,000 to 40,000,000.
It is not necessary for stockholders holding shares of the Company’s common stock in certificated form to exchange their existing stock certificates for new stock certificates of the Company in connection with the reverse split, although stockholders may do so if they wish. Any fractional shares of common stock resulting from the reverse stock split will be rounded up to the nearest whole post-split share and no stockholder will receive cash in lieu of fractional shares. Stockholders should direct any questions concerning the reverse split to their broker or the Company’s transfer agent, VStock Transfer, at 212-828-8436.
