RADA Electronic Industries Ltd. Declares 3-for-1 Reverse Stock Split2 February 2007
RADA Electronic Industries Ltd. (NASDAQ: RADI), announced today that a three (3)-for-one (1) reverse stock split (the "Reverse Split") and corresponding decrease in the authorized capital stock of the Company from 49,000,000 ordinary shares, par value NIS 0.005 to 16,333,333 ordinary shares, par value NIS 0.015 was approved by the Company's shareholders on January 29, 2007. The Reverse Split will become effective at the open of trading on February 14, 2007 (the "Effective Date"). The record date for the Reverse Split is February 13, 2007.
As a result of the Reverse Split, on the Effective Date each holder of ordinary shares will be entitled to receive one share for each three shares held immediately prior to the Effective Date. No fractional shares will be issued.
Promptly after the Effective Date, the Company's transfer agent, American Stock Transfer & Trust Company, will mail letters of transmittal to the Company's stockholders on the Effective Date, which will describe the procedures for surrendering stock certificates in exchange for a new certificate representing the Company's shares on a post-Reverse Split basis. In order to receive a new stock certificate, holders of the Company's stock certificates must deliver their stock certificates and a properly completed letter of transmittal to the Company's exchange agent, American Stock Transfer & Trust Company, Inc. Upon receipt of the stock certificates and properly completed letters of transmittal, the transfer agent will, where applicable, deliver the new stock certificates to the shareholders of the Company.
About RADA
RADA Electronic Industries Ltd. is an Israel based company involved in the military and commercial aerospace industries. The Company specializes in Avionics systems (Digital Video Recorders, Ground Debriefing Stations, Stores Management Systems, Flight Data Recorders, Inertial Navigation Systems), Trainers Upgrades, Avionics systems for the UAV market, and Electro optic cameras for airplanes and armored vehicles.
Note: Certain statements in this press release are "forward-looking statements" within the meaning of the Private Securities Litigation Act of 1995. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results to differ materially. Such risk uncertainties and other factors include, but are not limited to, changes in general economic conditions, risks in product and technology developments, market acceptance of new products and continuing product demand, level of competition and other factors described in the Company's Annual Report on Form 20-F and other filings with the Securities and Exchange Commission.
Company Contact:
Zvika Alon (V.P Business Development)
Tel: +972-9-892-1111
alon_zvika@rada.com
Source: prnewswire
All trademarks and copyrighted information contained herein are the property of their respective owners.
|
