GRAND RAPIDS, Mich.–(BUSINESS WIRE)–Electronic Cigarettes International Group, Ltd. (OTCBB: ECIG), a global marketer and distributor of electronic cigarette and vapor products whose brands include VAPESTICK®, FIN®, Victory®, and VIP®, today announced a reduction in the size of the Company’s previously communicated reverse stock split. The Company filed a proxy statement for a special meeting of stockholders at which ECIG stockholders will consider and vote upon proposals to effect a reverse split of the Company’s common shares in the range of 1-for-5 to 1-for-20, and increase the authorized number of shares. The meeting will be held in New York on March 10, 2015 at 9:00 a.m.
In late December, ECIG filed a proxy statement announcing its intention to increase its number of authorized shares from 300 million to 500 million with 50 million preferred shares and effect a reverse stock split with an exchange ratio ranging between 1-for-10 and 1-for-100.
Upon review of the Company’s needs and in keeping with the firm’s goal to drive shareholder value, ECIG is now reducing the amount of shares to be increased from its current 300 million to no more than 350 million, 20 million of which will be preferred shares. In addition, the reverse stock split ratio will also be reduced to a range of 1-for-5 to a 1-for-20 exchange. This action will not directly affect the Company’s market valuation nor the percentage of ECIG stock owned by each shareholder. [Example: in a 1-for-10 reverse split, each shareholder will own one-tenth the number of shares as previously, but at the time of the split each share is worth ten times the pre-split price.]
Stockholders of record as of the close of trading on Monday, January 26, 2015 will be eligible to vote at the meeting.
About Electronic Cigarettes International Group, Ltd. (ECIG)
Electronic Cigarettes International Group (ECIG) is dedicated to providing a compelling alternative to traditional cigarettes for the more than 1 billion current smokers around the world. ECIG is one of the world’s fast growing independent electronic cigarette companies, and owns the trademarks VAPESTICK®, FIN®, Victory®, VIP®, and others. The Company owns multiple subsidiary companies and has operations in North America, Western Europe, and other geographies. ECIG offers consumers a full product portfolio that incorporates product quality and the latest technology. The Company’s website is www.ecig.co.
Safe Harbor Disclosure
This press release contains forward-looking statements that are made pursuant to the safe harbor provisions within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are any statement reflecting management’s current expectations regarding future results of operations, economic performance, financial condition and achievements of ECIG, including statements regarding ECIG’s expectation to see continued growth. The forward-looking statements are based on the assumption that operating performance and results will continue to materialize consistent with recent trends. Management believes these assumptions to be reasonable but there is no assurance that they will prove to be accurate. Forward-looking statements, specifically those concerning future performance are subject to certain risks and uncertainties, and actual results may differ materially. ECIG relies on a single class of products; existing or pending patents may affect ECIG’s business; and other factors disclosed in the Company’s filings with the Securities and Exchange Commission. Unless required by applicable law, ECIG undertakes no obligation to update or revise any forward-looking statements.
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