Amira Nature Foods, Ltd Announces Reverse Stock Split
December 11 2019 - 4:00PM
Business Wire
Amira Nature Foods, Ltd, a company formed under the laws of the
British Virgin Islands, (the “Company”) whose shares are listed on
the New York Stock Exchange with the symbol “ANFI” announced today
that on December 4, 2019, its Board of Directors approved a 20:1
reverse stock split of its ordinary shares. The Company’s ordinary
shares will begin trading on a split adjusted basis on December 20,
2019.
As a result of the reverse stock split, each twenty (20)
pre-split shares of the Company’s ordinary stock will automatically
combine into one (1) ordinary share without any action on the part
of the holders, and the number of outstanding ordinary shares will
be reduced from 44,421,835 to approximately 2,221,091 ordinary
shares. The Company’s ordinary shares will continue to trade on the
New York Stock Exchange under the symbol "ANFI" but will trade
under a new CUSIP number. The reverse split is intended to increase
the market price per share of the Company’s ordinary shares to
allow the Company to maintain its New York Stock Exchange
listing.
No fractional shares will be issued as a result of the reverse
stock split. Shareholders who otherwise would be entitled to a
fractional share because they hold a number of ordinary shares not
evenly divisible by the one (1) for twenty (20) reverse split
ratio, will automatically be entitled to receive an additional
fractional share of the Company’s ordinary shares to round up to
the next whole share.
The reverse stock split will not be submitted to a vote of the
Company’s shareholders and a vote was not required under the laws
of the BVI.
The Company’s transfer agent, Continental Stock Transfer &
Trust Company will act as the exchange agent. Adjustments made to
ordinary shares represented by physical stock certificates can be
made upon surrender of the certificate to the transfer agent.
Please contact Continental Stock Transfer & Trust Company for
further information at 212.845.3217.
About Amira Nature Foods
Founded in 1915, Amira has evolved into a global provider of
packaged specialty rice, with sales in over 40 countries today.
Amira sells Basmati rice, premium long-grain rice grown only in
certain regions of the Indian sub-continent, under their flagship
Amira brand as well as under other third party brands. Amira sells
its products primarily in emerging markets through a broad
distribution network. Amira’s headquarters are in Dubai, United
Arab Emirates, and it also has offices in Germany, the United
Kingdom, and the United States.
Cautionary Note on Forward-Looking Statements
This release contains forward-looking statements within the
meaning of the U.S. federal securities laws. These forward-looking
statements generally can be identified by phrases that we or our
members of management use such as “believe,” “expect,”
“anticipate,” “foresee,” “forecast,” “estimate” or other words or
phrases of similar import. Specifically, these statements include,
among other things, statements that describe our expectations for
the global rice market, the financial impact of new sales contracts
on our revenue, our expectations regarding the successful efforts
of our distribution partners, and other statements of management’s
beliefs, intentions or goals. It is uncertain whether any of the
events anticipated by the forward-looking statements will transpire
or occur, or if any of them do, what impact they will have on our
results of operations, financial condition, or the price of our
ordinary shares. These forward-looking statements involve certain
risks and uncertainties that could cause actual results to differ
materially from those indicated in such forward-looking statements,
including but not limited to our ability to perform our agreements
with customers; our ability to recognize revenue from our contracts
as planned; continued competitive pressures in the marketplace; our
reliance on a few customers and distribution partners for a
substantial part of our revenue; our ability to implement our
plans, forecasts and other expectations with respect to our
business and realize additional opportunities for growth; and the
other risks and important considerations contained and identified
in our filings with the Securities and Exchange Commission. All
forward-looking statements attributable to us or to persons acting
on our behalf are expressly qualified in their entirety by these
risk factors. Other than as required under the securities laws, we
undertake no obligation to update any forward-looking or other
statements herein, whether as a result of new information, future
events or otherwise.
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version on businesswire.com: https://www.businesswire.com/news/home/20191211005830/en/
Company: The Amira Group Miriam Nasralla +447340071854
wendy.eguez@theamiragroup.com
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