Hanmi Financial (HAFC) Announces One-for-Eight Reverse Split
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Hanmi Financial Corporation (Nasdaq: HAFC) will implement a 1-for-8 reverse stock split for common shareholders of record on December 16, 2011.
Hanmi filed an amendment to its Amended and Restated Certificate of Incorporation with the Secretary of State of the State of Delaware to effect a 1-for-8 reverse stock split of its common stock, $0.001 par value per share. The reverse stock split, which was approved by Hanmi's stockholders at its annual meeting of stockholders held on August 17, 2011, will be effective with respect to stockholders of record as of the close of business on December 16, 2011. At the Effective Time, every eight (8) shares of Hanmi's pre-split common stock will automatically be consolidated into one (1) share of Hanmi's post-split common stock.
No fractional shares of Hanmi's post-split common stock will be issued as a result of the reverse stock split. Instead, a stockholder who otherwise would have been entitled to receive a fractional share as a result of the reverse stock split will receive a rounded up share of Hanmi's post-split common stock for such fractional share.
The reverse stock split will reduce the number of shares of common stock outstanding from approximately 251.9 million shares to approximately 31.5 million shares. The number of authorized shares of common stock will be reduced from 500,000,000 to 62,500,000. Proportional adjustments will also be made to the conversion or exercise rights under Hanmi's outstanding stock options, warrants and other securities entitling their holders to purchase or receive shares of common stock so that the reverse stock split will not materially affect any of the rights of holders of those securities.
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Hanmi filed an amendment to its Amended and Restated Certificate of Incorporation with the Secretary of State of the State of Delaware to effect a 1-for-8 reverse stock split of its common stock, $0.001 par value per share. The reverse stock split, which was approved by Hanmi's stockholders at its annual meeting of stockholders held on August 17, 2011, will be effective with respect to stockholders of record as of the close of business on December 16, 2011. At the Effective Time, every eight (8) shares of Hanmi's pre-split common stock will automatically be consolidated into one (1) share of Hanmi's post-split common stock.
No fractional shares of Hanmi's post-split common stock will be issued as a result of the reverse stock split. Instead, a stockholder who otherwise would have been entitled to receive a fractional share as a result of the reverse stock split will receive a rounded up share of Hanmi's post-split common stock for such fractional share.
The reverse stock split will reduce the number of shares of common stock outstanding from approximately 251.9 million shares to approximately 31.5 million shares. The number of authorized shares of common stock will be reduced from 500,000,000 to 62,500,000. Proportional adjustments will also be made to the conversion or exercise rights under Hanmi's outstanding stock options, warrants and other securities entitling their holders to purchase or receive shares of common stock so that the reverse stock split will not materially affect any of the rights of holders of those securities.
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