Vapor Corp. (OTCQB: VPCO), a leading U.S.-based distributor and retailer of vaporizers, e-liquids, e-cigarettes and e-hookahs, today announced that effective at 5:00 pm, Eastern Time, on June 1, 2016, the Company will effect a one-for-20,000 reverse stock split of its outstanding common stock. On March 21, 2016, the Company's stockholders approved an amendment to the Company's Amended and Restated Certificate of incorporation to effect the reverse stock split at a ratio between 1-for-10,000 and 1-for-20,000. The Board of Directors approved the implementation of a reverse stock split and determined the appropriate reverse stock split ratio to be 1-for-20,000.
As a result of the reverse stock split, every 20,000 shares of the Company's common stock issued and outstanding as of the Effective Time will be consolidated into one issued and outstanding share, except to the extent that the reverse stock split results in any of the Company's stockholders owning a fractional share, which would be rounded up to the next highest whole share.
Quotation of the Company's common stock will continue, on a split-adjusted basis, with the opening of the markets on Thursday, June 2, 2016, under the trading symbol "VPCOD" under the new CUSIP number 922099700. The reverse stock split reduces the number of shares of the Company's common stock outstanding from approximately five billion pre-reverse split shares to approximately 250,000 post-reverse split.
Stockholders of record who hold physical certificates should submit their old certificates to the Company's transfer agent, Equity Stock Transfer, LLC, in order to obtain new certificates. Stockholders owning shares via a broker or other nominee will have their positions automatically adjusted to reflect the reverse stock split, subject to brokers' particular processes, and will not be required to take any action in connection with the reverse stock split. Equity Stock Transfer, LLC can be reached at (212) 575 5757.
Additional information about the reverse stock split can be found in the Company's definitive proxy statement filed with the Securities and Exchange Commission on March 3, 2016, a copy of which is available atwww.sec.gov or at www.vapor-corp.com under the SEC Filings tab located on the Investors page.
About Vapor Corp.
Vapor Corp. is a U.S. based distributor and retailer of vaporizers, e-liquids and electronic cigarettes. It recently acquired the retail store chain "The Vale Store" as part of a merger with Vaporin, Inc. The Company's innovative technology enables users to inhale nicotine vapor without smoke, tar, ash or carbon monoxide. Vapor Corp. has a streamlined supply chain, marketing strategies and wide distribution capabilities to deliver its products. The Company's brands include VaporX®, Krave®, Hookah Stix® and Vaporin™ and are distributed to retail stores throughout the U.S. and Canada. The Company sells direct to consumer via e-commerce and Company-owned brick-and-mortar retail locations operating under "The Vape Store" brand.
