ALJ Regional Holdings Inc (OTCMKTS:ALJJ) Stock In Focus After Effective Time Of Reorganization
ALJ Regional Holdings Inc (OTCMKTS:ALJJ) on May 23, 2023, announced that the firm has assessed that all condition precedents are satisfied for implementing a reorganization merger with ALJ NewCo Inc. This will be pursuant to the Plan of Merger and Agreement as well as the Board of Directors resolving to effect Reorganization by filing a merger certificate with the Secretary of State of Delaware State on May 25, 2023.
ALJ Regional Holdings, Inc. Announces Effective Time Of Reorganization
On OTC Markets, the ALJ common will not trade by the close of the market on May 25, 2023. ALJ Regional Holdings Inc may abandon or postpones the Reorganization before the Effective Time. It can also do if there is any inadvisable reason or reason not in the interest of its stockholders.
Post the effective time, all shares of the common stock issued as well as outstanding would be cancelled. Every 100 shares of the firm’s common stock will be automatically converted into the right to receive a single share of NewCo common stock unless the shareholder is not accredited. In the alternative case, the stockholder will receive $1.97 per share of ALJ common stock in cash.
NewCo will not be issuing any part shares of its common stock in relation to any issuance of Stock Consideration.
Registered holders of the company’s common stock on May 31, 2023, will get a letter of transmittal giving instructions on surrendering the common stock. The stockholders having shares in street name by Stop-Trade Time will also get similar instructions from brokerage accounts.
