Spectrum Laboratories, Inc. announced that its Board of Directors had unanimously approved a 1 for 25,000 reverse stock split of the Company's outstanding Common Stock as part of a "going private" transaction.
The reverse stock split has also been overwhelmingly approved by shareholders of the Company holding in excess of 98 percent of the outstanding shares. Shareholders owning lots of shares not evenly divisible by 25,000 shall receive consideration of $2.56 per share that they currently own in lieu of fractional shares after the reverse stock split.
As soon as the Company amends its charter documents to effectuate the reverse stock split, the Company intends to terminate its registration under the Securities and Exchange Act of 1934 and the shares will not be traded on the OTC Bulletin Board.
