ATLANTA, Feb. 27, 2015 (GLOBE NEWSWIRE) -- Premier Exhibitions, Inc. (Nasdaq:PRXI) today announced that its shareholders have approved a 1-for-10 reverse stock split of all shares of the Company's common stock. The reverse stock split will take effect at the close of business on Friday, February 27, 2015, and PRXI common stock will begin trading on the NASDAQ Stock Market on a split-adjusted basis on Monday, March 2, 2015.
The reverse stock split is intended to increase the market price per share of PRXI common stock to allow the Company to maintain the listing of its common stock on the NASDAQ Stock Market.
As a result of the reverse stock split, every ten shares of PRXI common stock will automatically be combined and converted into one share of PRXI common stock. The Company will not issue any fractional shares in connection with the reverse stock split. Instead, fractional share interests will be rounded up to the next largest whole number. The new CUSIP number for the Company's common stock following the reverse stock split will be 74051E 201.
The reverse stock split will reduce the total number of shares of the Company's common stock outstanding from approximately 49.1 million shares to approximately 4.9 million shares. Proportional adjustments will be made to outstanding equity awards and the number of shares reserved under the Company's equity compensation plans. The reverse stock split will not change either the aggregate number of shares of common stock that the Company is authorized to issue or the par value of each share of the Company's common stock.
To provide shareholders with better record keeping and eliminate the risk of stock certificates being lost, damaged or stolen, the Company will issue the post-split shares in "book-entry" form, without physical stock certificates. The new shares will be registered in the name of each record shareholder on the Company's books maintained by its transfer agent, American Stock Transfer and Trust Company.
Shareholders of the Company will receive instructions for surrendering their existing stock certificates in order to receive post-split shares of PRXI common stock. The Company has retained its transfer agent, American Stock Transfer and Trust Company (AST), to act as exchange agent for the reverse stock split. AST may be reached by telephone at (877) 248-6417 or (718) 921-8317.
About Premier Exhibitions
Premier Exhibitions, Inc. (Nasdaq:PRXI), located in Atlanta, GA, is a major provider of museum quality exhibitions throughout the world and a recognized leader in developing and displaying unique exhibitions for education and entertainment. The Company's exhibitions present unique opportunities to experience compelling stories using authentic objects and artifacts in diverse environments. Exhibitions are presented in museums, exhibition centers and other entertainment venues.
Additional information about Premier Exhibitions, Inc. is available at www.prxi.com.
Forward Looking Statements
This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve certain risks and uncertainties. The actual results or outcomes of Premier Exhibitions, Inc. may differ materially from those anticipated.
In light of the significant uncertainties and risks inherent in the forward-looking statements included in this press release, such information should not be regarded as a representation by Premier Exhibitions, Inc. that its objectives or plans will be achieved. Included in these uncertainties and risks are, among other things, the impact of the reverse stock split on the market price of PRXI common stock, fluctuations in operating results, general economic conditions, uncertainty regarding the results of certain legal proceedings and competition. Forward-looking statements consist of statements other than a recitation of historical fact and can be identified by the use of forward-looking terminology such as "may," "intend," "expect," "will," "anticipate," "estimate" or "continue" or the negatives thereof or other variations thereon or comparable terminology. Because they are forward-looking, such statements should be evaluated in light of important risk factors and uncertainties. These risk factors and uncertainties are more fully described in Premier Exhibitions, Inc. most recent Annual and Quarterly Reports filed with the Securities and Exchange Commission, including under the heading entitled "Risk Factors." The reverse stock split and related risks and uncertainties are described in the latest Proxy Statement. Premier Exhibitions, Inc. does not undertake an obligation to update publicly any of its forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.