According to the statement, the transaction and its related proposals, including a company name change and a reverse stock split, were approved by American Electric’s stockholders at a special meeting of stockholders on 17 July 2019. As of 29 July 2019, the company has operated under the name Stabilis Energy, Inc. and its common stock has started trading on the Nasdaq Capital Market under the ticker symbol ‘SLNG’. In addition to this, the company’s shares outstanding will reflect a one-for-eight reverse split.
James Reddinger, President and Chief Executive Officer of Stabilis, said: “Stabilis is pleased to complete this transaction with AETI.
“We believe that this transaction positions Stabilis to become a leading North American small scale LNG production and distribution company. We will focus on consolidating existing LNG assets, as well as investing in new assets in the United States, Mexico, and Canada. We look forward to providing great LNG solutions to our customers and creating value for our shareholders.”
Read the article online at: https://www.lngindustry.com/liquid-natural-gas/30072019/american-electric-technologies-completes-share-exchange-with-stabilis-energy/