Lithium Technology Corp. (LTC, Plymouth Meeting, PA), an early production stage rechargeable lithium battery manufacturer, announced that it has begun the process to effect a reverse stock split. The company believes that the split will make its capital structure more attractive to investors.
The reverse stock split, in an exchange ratio to be approved by the company's board of directors ranging from 1 for 10 to 1 for 20, was approved by the holders of a majority of the company's voting stock and has been disclosed in the company's Information Statement filed with the Securities and Exchange Commission on May 7, 2003. The board reserves the right to establish the exchange ratio at any time prior to December 31, 2003.
