Split Watch: Broadside Enterprises, Inc. (OTC Pink: BRSED) Announces 1-for-1,000 Reverse Stock Split
Broadside Enterprises, Inc. (OTC Pink: BRSED) is engaged as an entertainment and venture company. Shares of the diversified company have seen average daily volume of 5,181 shares over the past month. The company was also removed from the Caveat Emptor Status watch list, but the company failed to see any move in the share price.
On Monday, August 14, 2017, Broadside Enterprises, Inc. announced a reverse stock split of 1:1,000, as of July 27, 2017. As a result of the reverse merger, the company will trade under its “BRSED” temporary symbol for the next 20 days. The company says they hope the share structure revitalization will help lead the company back to future success. Here is the full press release detailing of the reverse stock split:
Broadside Enterprises, Inc. Press Release:
West Hollywood, CA – Broadside Enterprises, Inc. (“Broadside” or “Company”) (OTC:BRSE), announced today the Company effected a reverse split of its common and preferred stock at a ratio of 1:1,000, commencing at the open of trading day, July 27, 2017.
The Companys ticker symbol will be BRSED for 20 trading days from July 27, 2017 to designate that it is trading on a post-reverse split basis. Broadsides post-split common stock will trade under the new CUSIP Number 11134W 204. As a result of the reverse stock split, each 1,000 pre-split shares of common stock outstanding will automatically combine into one new share of common stock without any action on the part of the respective holders holding shares in a brokerage account, and the number of outstanding common shares will be reduced from approximately 8.7 billion shares to approximately 8.7 million shares. The reverse stock split will also apply to common stock issuable upon the conversion of outstanding notes payable, and upon the exercise of outstanding warrants and stock options.
The Company’s transfer agent, Pacific Stock Transfer Company, will provide instructions to stockholders holding shares in certificate form regarding the process for exchanging shares. The Company has not issued any fractional shares of any class of its capital stock, but, in the event any stockholder of any class of capital stock would have been issued any fractional share under this action, that such fractional share was rounded up to the next whole share.
Over the last year and a half, Broadside has faced many challenges, said Christopher Petzel, Chairman and CEO of the Company. We believe that this change of our capital structure is a vital step towards closing our next acquisitions and obtaining the necessary financing for our future success.
Additional information about Broadside Enterprises can be found in the Company’s reports and filings at www.OTCMarkets.com, on the Broadside Enterprises website at www.broadside-enterprises.com and on Twitter at @brse_news.
About Broadside Enterprises, Inc.:
Broadside Enterprises, Inc. (OTC: BRSE), based in Los Angeles, California, is a publicly traded company with two divisions: Entertainment and Ventures.
NOTES ABOUT FORWARD-LOOKING STATEMENTS
Except for any historical information contained herein, the matters discussed in this press release contain forward-looking statements that involve risks and uncertainties, including those described in the Company’s reports and filings at http://www.OTCMarkets.com.
Certain statements contained in this release that are not historical facts constitute forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, and are intended to be covered by the safe harbors created by that Act. Reliance should not be placed on forward-looking statements because they involve unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements to differ materially from those expressed or implied. Forward-looking statements may be identified by words such as estimates, anticipates, projects, plans, expects, intends, believes, should and similar expressions and by the context in which they are used. Such statements are based upon current expectations of the Company and speak only as of the date made.
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