Micron Solutions, Inc. Announces Completion of Stock Splits

FITCHBURG, Mass., Jan. 04, 2024 (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 that it effected at 4:01 pm ET on January 4, 2024 a 1-for-1,000 reverse stock split (the “Reverse Stock Split”) of the Company’s Common Stock, which was immediately followed effective at 4:02 pm ET 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”). The Company’s common stock has been assigned a new CUSIP number of 59511X 204.

As a result of the Stock Splits, a stockholder of record owning fewer than 1,000 shares of Common Stock (the “Minimum Number”) immediately prior to the effective time of the Reverse Stock Split (the “Effective Time”) who would only be entitled to a fraction of a share of Common Stock upon the consummation of the Reverse Stock Split will be paid in cash in lieu of such fraction of a share of Common Stock in an amount equal to $1.50, without interest (“Cash Payment”), for each share of the Company’s Common Stock held by such stockholder immediately prior to the Effective Time (the “Cashed-out Stockholders”). A stockholder of record owning at least the Minimum Number of shares immediately prior to the Effective Time (the “Continuing Stockholders”) will not be paid cash in lieu of any fraction of a share of the Company’s Common Stock, and as a result of the Forward Stock Split, the shares of Common Stock (including any fraction of a share of Common Stock) held by such holder after the Reverse Stock Split, will be reclassified into the same number of shares of Common Stock as such holder held immediately prior to the Stock Splits. The Company intends to treat persons who hold shares of its Common Stock in “street name,” through a bank, broker or other nominee, in the same manner as persons who hold shares of our Common Stock in their own names. Banks, brokers or other nominees will be instructed to effect the Stock Splits for their customers holding our Common Stock in “street name.”