FITCHBURG, Mass., Oct. 31, 2023 (GLOBE NEWSWIRE) -- Micron Solutions, Inc. (OTC Pink Markets: MICR) (the “Company”), a diversified contract manufacturing organization, through its wholly-owned subsidiary, Micron Products, Inc., producing highly-engineered, innovative components requiring precision machining and injection molding, announced today an update to the Board’s previously approved proposal to effect a 1-for-1,000 reverse stock split (the “Reverse Stock Split”) of the Company’s Common Stock, followed immediately by a 1,000 to 1 forward stock split for the Company’s Common Stock (the “Forward Stock Split”, and with the Reverse Stock Split, the “Stock Splits”), which Stock Splits will be enacted through the filing of amendments to the Company’s Certificate of Incorporation (the “Certificates of Amendment”) with the Secretary of State of the State of Delaware. The Company is in the process of seeking the approval of the Company’s stockholders through written consent, and is working to finalize the notification process with FINRA and the OTC Markets. The Company originally anticipated that this process would be completed by October 31, 2023, but now expects to complete the Stock Splits process as soon as practicable within the fourth quarter of 2023.
If approved by the Stockholders, the Company expects to file the Certificates of Amendment following such stockholder approval subject to finalization of the FINRA and OTC notification processes. However, the Board retains the authority to abandon the Stock Splits at any time prior to filing the Certificates of Amendment with the Secretary of State of the State of Delaware if it determines the Stock Splits are no longer in the best interest of the Company.
During this time the Company’s Common Stock is expected to continue to be quoted on the OTC Pink Markets. However, the Company does not intend to continue to publish current information or take such actions to enable a trading market in its Common Stock, and can provide no assurances that any broker-dealer will continue to make a market in its stock, maintain quotation prices, or that there will be any trading level in the Company’s Common Stock. Following the enactment of the Stock Splits, the Company’s expects not to be traded on the OTC Markets with trading only done privately.
About Micron Solutions, Inc.
Micron Solutions, Inc., through its wholly-owned subsidiary, Micron Products, Inc., is a diversified contract manufacturing organization that produces highly-engineered, innovative medical device components requiring precision machining and injection molding. The Company also contract manufactures components, devices and equipment for military, law enforcement, industrial and automotive applications. In addition, the Company is a market leader in the production and sale of silver/silver chloride coated and conductive resin sensors used as consumable component parts in the manufacture of integrated disposable electrophysiological sensors. The Company’s strategy for growth is to build a best-in-class contract manufacturer with a specialized focus on plastic injection molding and highly-engineered medical devices and components requiring precision machining.
Safe Harbor Statement
Forward-looking statements made herein, including statements related to strategic focus and the Company’s approval, reasons for, and timing of the proposed Stock Splits, are based on current expectations of Micron Solutions, Inc. (“our” or the “Company”) that involve a number of risks and uncertainties and should not be considered as guarantees of future performance. Therefore, actual results may differ materially from what is expressed in or implied by these forward-looking statements. The factors that could cause our actual results of operations, financial condition, performance or achievements to be affected materially, which include, but are not limited to, Company’s ability to obtain stockholder approval for the Stock Splits, completion of the notification process with FINRA, the Board’s determination not to proceed if the Stock Splits are no longer in the best interest of the Company, our ability to continue as a going concern, our ability to implement cost reduction measures and/or raise additional equity and/or debt, our ability to obtain and retain order volumes from customers who represent significant proportions of net sales; our ability to maintain our pricing model, offset higher costs with product price increases and/or decreases to our cost of sales; variability of customer delivery requirements; the level of and ability to generate sales of higher margin products and services; our ability to manage our level of debt, which higher debt levels could make the Company sensitive to the effects of economic downturns and limit our ability to react to changes in the economy or our industry; failure to comply with financial and other covenants in our credit facility; the impact on the Company’s operations and financial results due to economic uncertainty and disruption including, but not limited to, inflation, recession risks and the ongoing Ukraine-Russian military conflict; reliance on revenues from exports and impact on financial results due to economic uncertainty or downturns in foreign markets; volatility in commodity and energy prices and our ability to offset higher costs with price increases; continued availability of supplies or materials and components used in manufacturing at competitive prices, including managing disruptions in the supply chain and the availability of certain raw materials; variations in the mix of products sold; maintaining regulatory quality standards applicable to our manufacturing and quality processes; and the amount and timing of investments in capital equipment, sales and marketing, engineering and information technology resources. The Company assumes no obligation to update the information included in this press release, whether as a result of new information, future events or otherwise.
| For more information, contact: | ||
| Mr. William J. Laursen | ||
| Chief Executive Officer | ||
| 978.345.5000 | ||
