SANTA CLARITA, Calif.--(BUSINESS WIRE)-- BioSolar, Inc. (OTCBB: BSRC), developer of a breakthrough technology to produce bio-based materials from renewable plant sources that reduce the cost of photovoltaic (PV) solar modules, today reported that the company successfully completed a 1 for 30 reverse stock split. With shares now trading at a higher price, the company has achieved an important first step in uplisting its shares to trade on a senior U.S. stock exchange.
“The main purpose of our reverse stock split was to satisfy the minimum share price required to trade on a senior U.S. securities exchange,” said Dr. David Lee, BioSolar’s Chief Executive Officer. “In addition to meeting a stock exchange’s minimum market price per share, another important benefit is that a higher share price is likely to attract a larger pool of quality institutional investors as the company moves into commercial production.”
In the case of BioSolar’s reverse stock split, the number of outstanding shares and authorized shares have been reduced by a factor of 30, resulting in a higher price per share. However, each existing shareholder’s percentage of ownership of the company remains exactly the same as before the reverse stock split.
The letter “D” was added to BioSolar’s stock symbol and shares now trade as BSRCD. After 30 days, the symbol will revert back to BSRC.
“BioSolar is steadily moving forward on both business and financial fronts as it prepares for the sale of its BioBacksheet, its first commercial product,” said Lee.
The company previously reported that it is working closely with PV panel manufacturers to help prepare their upcoming panel recertification with BioBacksheet upon the release of provisional RTI by Underwriter’s Laboratories. After panel level certification, PV panels containing BioBacksheet will be available for sale in the general marketplace.
About BioSolar, Inc.
BioSolar, Inc. has developed a breakthrough technology to produce bio-based materials from renewable plant sources that will reduce the cost per watt of solar cells. Most of the solar industry is focused on photovoltaic efficiency to reduce cost. BioSolar is the first company to introduce a new dimension of cost reduction by replacing petroleum-based plastic solar cell components with durable bio-based materials. To learn more about BioSolar, please visit our website at http://www.biosolar.com.
Safe Harbor Statement
Matters discussed in this press release contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this press release, the words 'anticipate,' 'believe,' 'estimate,' 'may,' 'intend,' 'expect' and similar expressions identify such forward-looking statements. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements contained herein. These forward-looking statements are based largely on the expectations of the Company and are subject to a number of risks and uncertainties. These include, but are not limited to, risks and uncertainties associated with: the impact of economic, competitive and other factors affecting the Company and its operations, markets, product, and distributor performance, the impact on the national and local economies resulting from terrorist actions, and U.S. actions subsequently; and other factors detailed in reports filed by the Company.