Electric transportation solution provider ECOtality announced today it has received approval for a 1-for-60 reverse stock split of its common stock, effective for trading purposes today, on November 24. As a result of the split, the company's symbol has changed to ETLE.
"We are confident this action will better position our company in the capital markets, help achieve a NASDAQ listing, and attract a larger pool of long-term institutional investors,” Jonathan Read, ECOtality CEO said in a release.
“This decision reduces administrative, transaction and regulatory costs related to the number of shares authorized and outstanding and simplifies investor understanding and visibility of the company’s earnings on a per share basis."
"The newly generated exposure to a wider array of investors will allow the company to more efficiently access capital in parallel with our anticipated growth and help improve shareholder value.”
Less than a week ago, the company announce it has received a $100 million in stimulus from the US Department of Energy to create the largest electric vehicle infrastructure in the US to date, in San Diego and 11 other cities in California, Washington, Oregon, Arizona and Tennessee.
The grant is part of the plans to support the implementation of Japanese manufacturer's Nissan Leaf electric vehicle in the US. The approved infrastructure will be needed to cover the projected 1,000 EV to enter each of the test areas by 2011. In San Diego alone, ECOtality will build some 1,400 charging stations.
"We are confident this action will better position our company in the capital markets, help achieve a NASDAQ listing, and attract a larger pool of long-term institutional investors,” Jonathan Read, ECOtality CEO said in a release.
“This decision reduces administrative, transaction and regulatory costs related to the number of shares authorized and outstanding and simplifies investor understanding and visibility of the company’s earnings on a per share basis."
"The newly generated exposure to a wider array of investors will allow the company to more efficiently access capital in parallel with our anticipated growth and help improve shareholder value.”
Less than a week ago, the company announce it has received a $100 million in stimulus from the US Department of Energy to create the largest electric vehicle infrastructure in the US to date, in San Diego and 11 other cities in California, Washington, Oregon, Arizona and Tennessee.
The grant is part of the plans to support the implementation of Japanese manufacturer's Nissan Leaf electric vehicle in the US. The approved infrastructure will be needed to cover the projected 1,000 EV to enter each of the test areas by 2011. In San Diego alone, ECOtality will build some 1,400 charging stations.