LOS ANGELES, Sept. 13, 2017 /PRNewswire/ -- Almost Never Films, Inc. (OTCQB: HLWD) (OTCQB: HLWDD), a publicly traded independent film company based in Los Angeles, California, today announced that effective at 9:30 a.m. EDT, on September 13, 2017, the Company will effectuate a forty-for-one reverse stock split of its issued and outstanding common stock. The reverse stock split will reduce the Company's outstanding common stock from 186,788,624 shares to 4,669,716 million. To avoid the issuance of fractional shares of Common Stock, the Company will issue an additional share to all holders of fractional shares.
This reverse split will take effect at the open of business September 13, 2017. The new symbol will be HLWDD. The "D" will be removed in 20 business days and the symbol will revert back to HLWD at that time.
In addition, on August 24, 2017 the Chief Executive Officer, Chief Operating Officer, Chief Creative Officer, and the largest non-executive shareholder of Almost Never Films have executed a binding lock-up agreement. The four shareholders who represent 3,903,277 or 83.6% of the Company's total shares outstanding irrevocably agree that from August 24, 2017 until the earliest to occur of (i) a change of control of the Company and (ii) the listing of the Company on a national exchange, all four shareholders will not dispose of their holdings in the open market.
The authority to implement a reverse stock split was approved by holders of 155,294,956 shares of voting securities representing approximately 81.64% of the 186,788,624 shares of the total issued and outstanding shares of voting stock of the Company on August 9, 2017. The Company will also adjust the number of shares of the authorized Common Stock to 25,000,000.
Additional information about the reverse stock split can be found in the Company's Schedule 14C Statement filed with the Securities and Exchange Commission on August 29, 2017, a copy of which is available at www.sec.gov.
About Almost Never Films, Inc.
Almost Never Films (HLWD) is a publicly traded independent film company focused on film production, finance and production related services for movies in the $5.0 million to $50.0 million range. Its business is to facilitate relationships between creative talent and companies who produce, finance and distribute motion pictures. For more information, visit http://www.almostneverfilms.com.
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Almost Never Films, Inc.
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SOURCE Almost Never Films, Inc.