Componenta Corporation has executed a reverse share split
Componenta Corporation, Stock Exchange Release, 18 December at 21:30
Componenta Corporation (”Componenta” or ”Company”) has today, 18 December 2020, on the previously announced reverse split date executed a reverse share split and thereto related directed share issue without consideration, redemption of shares and cancellation of shares. After these measures, the new number of shares in the Company is 9,492,444. The new number of shares has been registered with the Trade Register today on 18 December 2020, and trading with the merged shares commences on Monday 21 December with a new ISIN code FI4000476783. Componenta’s trading code CTH1V will remain the same after the reverse share split.
Componenta’s Extraordinary General Meeting held on 29 October 2020 resolved on the reverse share split and thereto related redemption of shares to the effect that each fifty (50) shares of the Company will be merged into one (1) share. Concurrently with the execution of the reverse share split, the Board of Directors of the Company has today resolved, based on the authorization granted by the Extraordinary General Meeting, on a directed share issue without consideration in which the Company has conveyed without compensation a total of 83,752 new shares to the effect that the number of shares in each shareholders’ book-entry account will be made divisible by 50. The combined market value of the shares conveyed in the directed share issue is 5125.62 euros, based on the closing price of 18 December 2020. After the directed share issue, the Company has redeemed without compensation 49 shares for each 50 shares of the Company, in accordance with the resolution of the Extraordinary General Meeting. The Company shares redeemed without compensation in connection with the reduction of number of shares have been cancelled immediately by a resolution of the Board of Directors.
The purpose of merging the shares is to facilitate trade in the company’s shares by increasing the value of an individual share and to contribute the shares’ efficient price formation. The procedure has been explained in more detail in Componenta’s stock exchange release on the resolutions of the Extraordinary General Meeting, issued on 29 October 2020.
President and CEO
For further information, please contact:
Sami Sivuranta, President and CEO, tel. +358 10 403 2200
Marko Karppinen, CFO, tel. +358 10 403 2101
Componenta is an international technology company with operations located in Finland. With its wide technology portfolio, Componenta produces e.g. cast, machined and unmachined components for its clients who are local and global manufacturers of vehicles, machines and equipment. The company’s share is listed on Nasdaq Helsinki.