CAMPBELL, Calif., April 14, 2011 (GLOBE NEWSWIRE) -- Westinghouse Solar, Inc. (Nasdaq:WESTD), a designer and manufacturer of solar power systems, announced that the previously disclosed one-for-four reverse stock split of the company's common stock took effect at the open of business today. Trading of the company's common stock on the Nasdaq Capital Market on a split-adjusted basis began at market open on Thursday, April 14th. The stock will temporarily trade under the symbol "WESTD" for thirty days, and will resume trading under the symbol "WEST" on or about May 13th.
On April 1, 2011 the company filed an 8-K announcing that its stockholders had approved an amendment to the company's Certificate of Incorporation to effect a reverse split of the outstanding shares of common stock, in a ratio as selected by our Board of Directors, who determined to implement a 1-for-4 reverse stock split ratio. As a result of the reverse stock split, each four shares of common stock has been combined into one share of common stock, and the number of shares of common stock issued and outstanding or held in treasury is reduced proportionately based on the reverse stock split ratio of 1-for-4. Stockholders who would otherwise hold fractional shares as a result of the reverse stock split will be entitled to receive a cash payment in an amount equal to the fraction multiplied by today's closing price. Stockholders who have existing stock certificates will receive instruction from the company's transfer agent, American Stock Transfer & Trust Company, LLC, on how to receive new stock certificates and payment for any fractional share. Stockholders whose certificates are held in "street name" or on deposit with their brokerage firm need take no further action. The post-split stock has a new CUSIP Number of 96040V101.
In addition, the company's stockholders approved an amendment to the company's Certificate of Incorporation to formally change the name of the company from "Akeena Solar, Inc." to "Westinghouse Solar, Inc.", and that name change has become effective.
About Westinghouse Solar (Nasdaq:WESTD)
Westinghouse Solar is a designer and manufacturer of solar power systems. Award winning Westinghouse Solar Power Systems provide the best combination of safety, performance and reliability, while backed by the proven quality of the Westinghouse name. For more information on Westinghouse Solar, visit www.westinghousesolar.com.
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