Klegg Electronics (CE) (USOTC:KLGG)
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Klegg Electronics, Inc. (Pink Sheets: KLGE) today announced that a
one-for-ten reverse split of its common stock was approved by its Board
of Directors. The reverse stock split will become effective before the
opening of trading on May 8, 2007. Upon the opening of the market, Klegg’s
common stock will begin trading on a reverse-split basis under the
trading symbol “KLGG”.
As a result of the reverse stock split, every ten shares of Klegg common
stock will be combined into one share of Klegg common stock. Fractional
shares that result from the reverse split shall be rounded up to the
nearest whole share. Klegg’s Transfer Agent,
Integrity Stock Transfer will not require shareholders to exchange their
certificates.
In conjunction with the reverse split all outstanding preferred shares
have been converted into common shares bringing the total outstanding
shares of common stock to 34,111,482 as of the opening of trading on May
8, 2007.
Klegg’s Board and management team are pleased
with the decision to complete the reverse stock split. They believe that
the reverse stock split should make the company’s
stock more attractive to a broader group of investors, and create a
capital structure that should sustain the rapid growth that Klegg
expects in the near future.
“Klegg is currently preparing for rapid sales
growth, increased distribution and brand recognition, in addition to our
plans to resubmit our registration statement with the SEC, in attempt to
move from the Pink Sheets to another exchange”
states Dennis Gentles CEO of Klegg Electronics, Inc. “Klegg’s
Recapitalization comes at an exciting time in Klegg’s
development, and will create a strong foundation to support our future
activities”
About Klegg Electronics, Inc.
Klegg Electronics, Inc. (Pink Sheets: KLGG) is a manufacturer and
distributor of high quality consumer electronics. Klegg Electronics has
focused on designing a variety of products that work seamlessly together
within the home. The corporation is headquartered in Las Vegas, NV.
Safe Harbor Statement
This press release contains forward-looking statements within the
meaning of the federal securities laws, including, without limitation,
statements regarding the following: the reverse stock split and the
impact and effects of the reverse stock split of Klegg Electronics are
based on management’s expectation at the time
they are made. Where possible, the company has tried to identify these
forward-looking statements by using words such as “anticipates,”
“believes,” “intends,”
or similar expressions. These statements are subject to a number of
risks, uncertainties and other factors that could cause actual events or
results in future periods to differ materially including, without
limitation, the following: the failure of the reverse stock split to
adjust the market price of Klegg’s common
stock; the failure of the reverse stock split to attract new investors;
Klegg’s ability to successfully develop and
introduce new products; possible delays in the products and technologies
developed; the failure of the reverse stock split to contribute to the
creation of shareholder value; Klegg’s
ability to compete with existing and future competitors; the ability of
Klegg’s management team to continue to
execute and manage Klegg’s inventory and
expenses. All forward-looking statements made in this press release are
made as of the date hereof, and Klegg assumes no obligation to update
the forward-looking statements included in this news release whether as
a result of new information, future events, or otherwise. The
forward-looking statements are subject to risks and uncertainties that
could cause actual results to differ materially from those set forth or
implied by any forward-looking statements.