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PINE MOUNTAIN, Georgia, April 30, 2025 (GLOBE NEWSWIRE) -- Parks! America, Inc. (OTCPink: PRKA), today announced that, it will effect a 1-for-500 reverse stock split (the “Reverse Stock Split”) of the shares of the Company’s common stock, followed immediately by a 5-for-1 forward stock split of the shares of the Company’s common stock (the “Forward Stock Split,” and, together with the Reverse Stock Split, the “Reverse/Forward Stock Split”), effective on April 30, 2025, at 5:00 p.m. Eastern Time and 5:01 p.m. Eastern Time, respectively.
Beginning with the opening of trading on Thursday, May 1, 2025, the Company’s common stock will trade on the OTCPink on a post-split basis under the symbol “PRKAD” for 20 trading days, including the effective date, after which it will revert to “PRKA”. The new CUSIP number for the Company’s common stock following the Reverse/Forward Stock Split will be 701455206. Following the Reverse/Forward Stock Split, the Company's common stock of 75,726,851 issued and outstanding shares will amount to approximately 754,045 shares.
Effect of the Reverse/Forward Stock Split on the Company’s Stockholders
No fractional shares will be issued in connection with the Reverse/Forward Stock Split. Instead, the Company will pay cash (without interest) to any stockholder who would be entitled to receive a fractional share as a result of the Reverse/Forward Stock Split:
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Stockholders who hold fewer than 500 shares immediately prior to the Reverse Stock Split shall be paid in cash (without interest) an amount equal to such number of shares of Company Common Stock held multiplied by the average of the closing sales prices of the Company Common Stock quoted on the National Quotation Bureau pink sheets for the five consecutive trading days immediately preceding the Effective Date of the Reverse Stock Split (the “Reverse Split Payment”); and
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Any remaining stockholders who would have been entitled to receive fractions of a share as a result of the Reverse/Forward Stock Split shall be paid in cash (without interest) an amount equal to such fractions multiplied by the average of the closing sales prices of the Company Common Stock quoted on the National Quotation Bureau pink sheets for the five consecutive trading days immediately preceding the effective date of the Reverse/Forward Stock Split (with such average closing sales prices being adjusted to give effect to the Reverse/Forward Stock Split) (the “Forward Split Payment”, and, together with the Reverse Split Payment, the “Payments”).
The Company’s transfer agent, Securities Transfer Corporation, is acting as the exchange agent and paying agent for the Reverse/Forward Stock Split. Stockholders holding their shares in book-entry form or in “street name” through a bank, broker, or other nominee do not need to take any action to receive their cash payments. Registered stockholders who hold shares in stock certificate form will receive a transmittal letter from Securities Transfer Corporation and will receive cash payments only when the stockholder surrenders the outstanding certificate, together with a completed and executed copy of the letter of transmittal.