CleanTech Transit, Inc. announced that it would change its name to EQCO2, Inc. In addition, the company's common stocks were also planned to have a 1 for 5 forward stock split. These two changes were both underway, with expected implementation before July ends.
The change of the company's name was proposed to better reflect the focus and objectives of its operations. EQ (equalizing/neutralizing) and CO2 (carbon dioxide) made reference to what the company actually does, which is the offsetting of CO2 emissions. This core function was done through developing and using emission offset, renewable energy products as well as other environmental offset credits such as the company's own program EvoCert. The company would likely be issued a new trading symbol because of the name change.
On the other hand, the stock split would give each shareholder additional four stocks for each share held. For shareholders who held a stock certificate, they would be given new ones to represent the stock split, whereas shareholders who used the services of a stock broker need not do anything as the effect of the stock split would be automatically updated and reflected in their account.
Join the Conversation