Jul 19, 2012 - US solar inverter maker Satcon Technology Corp (NASDAQ:SATC) said it had executed today the previously announced one-for-eight reverse share split.
Via the move, the company cut its outstanding number of shares to 18 million from 144.2 million. No cash or fractional shares were issued. Instead, these were rounded up to the next whole share. At the same time, Satcon said it had reduced the number of authorised shares of common stock to 37.5 million.
The company's shares are now to trade under the symbol "SATCD" for the next 20 trading days to reflect the change. The split-adjusted common shares will trade under a new CUSIP number -- 803893 403.
American Stock Transfer & Trust Co LLC has been appointed exchange agent for the reverse stock split.