LAIYANG, China, Sept. 4 /Xinhua-PRNewswire-FirstCall/ -- Genesis Pharmaceuticals Enterprises, Inc. (OTC Bulletin Board: GNPH) ("Genesis" or the "Company"), a leading pharmaceutical company in the People's Republic of China, today announced that it completed a 40-for-1 reverse stock split of its common stock which will begin trading under the symbol "GNPH."
Upon today's market open, Genesis' common stock will no longer trade under the symbol "GTEC" and will begin trading on a split-adjusted basis under the trading symbol "GNPH."
Following this reverse stock split, the Company has approximately 10,325,000 shares of common stock outstanding.
"We are pleased to complete this reverse stock split of our common stock as part of our efforts to position the company to move to a senior U.S. stock market and improve the marketability and value of our shares," said Mr. Cao Wubo, Chairman and CEO of Genesis Pharmaceuticals Enterprises. "We expect this adjustment to our capital structure to bring the Company to the attention of new investors and make our shares more attractive to them."
Stockholders who hold their shares in brokerage accounts or "street name" will not be required to take any action to exchange their shares. Stockholders of record who hold share certificates will receive a letter of transmittal requesting that they surrender their old stock certificates for new stock certificates reflecting the adjusted number of shares as a result of the reverse stock split. The Transfer Agent and Registrar for shares of GTEC's common stock is Computershare Trust Company, 350 Indiana St., #800, Golden, Colorado 80401, (303) 262-0600. They will act as the exchange agent for purposes of implementing the exchange of stock certificates.
About Genesis Pharmaceuticals Enterprises, Inc.
Genesis Pharmaceuticals Enterprises, Inc. is a U.S. public company
engaged in the research, development, production, marketing and sales of
|SOURCE Genesis Pharmaceuticals Enterprises, Inc.|
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