NEW CASTLE, Pa., May 2, 2014 – Axion Power International, Inc. (OTC QB: AXPW), the developer of advanced lead-carbon PbC® batteries and energy storage systems, today released the following letter to shareholders regarding the reverse stock split.
To Our Shareholders,
I am writing to you today to discuss our plan for a reverse split of Axion shares. No one really likes the idea of a reverse split, even though the net result leaves the shareholder exactly where they were before the split, but there is solid rationale behind our thinking on this matter. We have told our story over the years in non-deal and shareholder awareness road shows. Our audience has always had diverse group make up, but recently we have attracted more and more attention from some of the larger and more traditional – fundamental based financial institutions. We think this is mainly the result of conferences where we have presented, interviews we have given and because of our newly established presence in the commercial marketplace. Over time, a recurrent theme from these funds and institutions has been, “very interesting story but you know we are prevented from investing directly in you, or from investing in your stock on the open market, or from recommending the investment in your stock to our clients, because of our fund by-laws that speak to ‘required exchange classification criteria’. Translation – you need to be on one of the big boards (NYSE, NASDAQ, AIM, etc.) in order to meet our investment compliance standards.
This theme has become more and more prevalent as our story attracts a greater segment of large, established, ‘fundamental story’ driven funds and institutions. And of course these are the very groups we have advanced to in the other phases of our business development.
Axion’s stock listing history began on the pink sheets, moved to the bulletin board (OTCBB) and then to the over the counter markets qb-tier (OTCQB) as we progressed through different stages in our development. It was always our intent to qualify and be listed on a major exchange. We feel, for a myriad of reasons, that the time for that uplisting is now.
We sincerely hope all of you agree.
Chairman & CEO
Axion Power International, Inc.
About Axion Power International, Inc.
Axion Power International, Inc. (OTC QB: AXPW), has developed and patented a next generation energy storage device that won the prestigious Frost & Sullivan Technology Award for North America in the field of lead-acid batteries. According to Frost & Sullivan, Axion’s new PbC® batteries have “the potential to revitalize the lead-acid battery industry by breathing new life into an established technology that has not been well suited to the requirements of important new applications like hybrid electric vehicles and renewable power.”
Axion Power International, Inc. is the industry leader in the field of lead-carbon energy storage technologies. Axion believes its new PbC battery technology is the only class of advanced battery that can be assembled on existing lead-acid battery production lines throughout the world utilizing Axion’s proprietary activated carbon electrodes. Axion’s future goal, after filling their plant’s lead-carbon battery production capacity, is to become the leading supplier of carbon electrode assemblies for the global lead-acid battery industry.
For more information, visit www.axionpower.com.
ST Staff Writers
This post was prepared by Solar Thermal Magazine staff.