NEW CASTLE, Pa., July 15, 2015 /PRNewswire/ -- Axion Power
International, Inc. (Nasdaq: AXPW) ("AXION"), a developer of
advanced lead-carbon PbC® batteries, energy storage systems and
frequency regulation systems, today announced that it has effected
a 1-for-35 reverse stock split previously approved by the
Company's stockholders at a special meeting held on June
17, 2015. The 1-for-35 reverse stock split was effective as of
the close of business on July 13,
2015 and the Company's common stock began trading on a
split-adjusted basis on Tuesday, July 14,
2015.
The Company's Class A Warrants, which also trade on the Nasdaq
Capital Market under the symbol "AXPWW", were also subject to the
reverse split and began trading on a split-adjusted basis on
Tuesday, July 14, 2015. The new
CUSIP Number for the Class A Warrants is 05460X 133, and any
fractional Class A Warrants post split will be adjusted to the
nearest whole number. The reverse split reduced the number of
Class A Warrants from 2,156,520 to approximately 61,615 Class A
Warrants on a post split basis. As a result of the reverse
split, the exercise price of the Class A Warrants increased from
$.50 per share to $17.50 per share.
However, the Company's Class B Warrants will not be subject to
the reverse split, so that there are still 609,446 Class B Warrants
on a post split basis. Instead, the 1:35 reverse split will
be factored into the equation at the time of exercise of the Class
B Warrants (in other words, on a cash exercise basis, each Class B
Warrant is exercisable into 1/35 of a share of Company common
stock). As a result of the reverse split, the cash exercise
price of the Class B Warrants increased from $3.25 per share to $113.75 per share, and the $0.10 number in the "market price" definition in
the "further cashless exercise" provision for the Class B Warrants
(Section 3.3.2.1 of the Warrant Agreement) has been adjusted to
$3.50.
About Axion Power International, Inc.
Axion Power is an industry leader in lead-carbon energy
storage. Its PbC battery technology utilizing proprietary
activated carbon electrodes is the only advanced battery that can
be assembled on existing lead-acid production lines throughout the
world. Axion Power's primary goal is to become the leading supplier
of carbon electrode assemblies for lead-acid battery companies
around the world.
For more information, visit www.axionpower.com
Forward-looking Statements
Certain statements in this Press Release are "forward-looking
statements" within the meaning of the Private Securities Litigation
Act of 1995. These forward-looking statements are based on our
current expectations and beliefs and are subject to a number of
risk factors and uncertainties that could cause actual results to
differ materially from those described in the forward-looking
statements. Such risks and uncertainties include the risk for the
Company to complete its development work, as well as the risks
inherent in commercializing a new product (including technology
risks, market risks, financial risks and implementation risks, and
other risks and uncertainties affecting the Company), as well as
other risks that have been included in filings with the Securities
and Exchange Commission, all of which are available
at www.sec.gov. We disclaim any intention or
obligation to revise any forward-looking statements, including,
without limitation, financial estimates, whether as a result of new
information, future events, or otherwise.
Contacts
Axion Power International, Inc.
Charles Trego, CFO
info@axionpower.com
DresnerAllenCaron
Rudy
Barrio (Investors)
r.barrio@allencaron.com
(212) 691-8087
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SOURCE Axion Power International, Inc.