Alternative Energy Partners gets clearance for 1-for-50 reverse split
(ADPnews) - Nov 24, 2010 - US Alternative Energy Partners Inc (OTC:AEGY) said it has received the go-ahead from the Financial Industry Regulatory Authority (FINRA) to proceed with its one-for-fifty reverse stock split, which will take place today.
Via the transaction, the company aims to bring the price of its shares over the minimum required for a planned NASDAQ listing.
In addition, AEGY's new share certificates will bear a new CUSIP number, which the company obtained after its stock was illegally listed on the Berlin Stock Exchange by a small group of company shareholders. This listing has been immediately cancelled.
To reflect the stock split, AEGY's ticker symbol will be changed to AEGYD for 20 trading days.
Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.