U.S. Automotive Manufacturing, Inc. Announces Reverse Stock Split
10 February 1999
U.S. Automotive Manufacturing, Inc. Announces a 1 for 15 Reverse Stock Split, Effective February 12, 1999NEW YORK, Feb. 9 -- U.S. Automotive Manufacturing, Inc. announced that the Company's stockholders, at a special meeting of the stockholders held February 5, 1999, voted in favor of a 1 for 15 reverse split of the Company's issued and outstanding common stock. The Company anticipates filing the necessary documentation to effect the reverse split in the State of Delaware on Thursday, February 11, 1999, with an ex-date for the common stock to be reflected on The Nasdaq SmallCap Market at the opening of business on Friday, February 12, 1999. Following the effective date, the Company's stockholders shall be entitled to receive new stock certificates evidencing their respective stock holdings after the reverse split. Each such stockholder shall receive by mail a separate letter of transmittal from the Company's transfer agent instructing as to the manner by which old stock certificates may be exchanged for new stock certificates. No fractional shares of common stock will be issued and, to the extent that any stockholder holds a number of shares of the Company's common stock not divisible by 15, such stockholder shall receive a cash payment in lieu of any fractional shares. U.S. Automotive Manufacturing, Inc. through its wholly owned subsidiaries, Quality Automotive Company and U.S. Automotive Friction, Inc., manufactures, assembles and distributes new and rebuilt automotive friction products (brake pads, linings and remanufactured brake shoes) to other automotive manufacturers and to the automotive after-market.