DALLAS, Aug. 15 /PRNewswire-FirstCall/ -- Peerless Mfg. Co. (Nasdaq: PMFG - News) today announced the completion of the previously announced holding company reorganization that was approved at a special meeting of Peerless shareholders on August 14, 2008. In the reorganization, Peerless Mfg. Co., a Texas corporation became a wholly owned subsidiary of PMFG, Inc., a Delaware corporation, and each existing shareholder of Peerless has become a stockholder of PMFG, Inc.In the reorganization, each share of Peerless common stock was automatically converted into two shares of PMFG common stock. Accordingly, the reorganization had the same effect as a two-for-one stock split. Former stockholders of Peerless are not required to return stock certificates or otherwise take any action to exchange the certificates that formerly represented shares of Peerless common stock for certificates representing their shares of PMFG, Inc.
PMFG common stock will be listed on the Nasdaq Global Market. The Company expects that the PMFG shares will begin trading on Monday, August 18, 2008 under the symbol "PMFG," the same symbol under which Peerless common stock was previously listed and traded. Beginning at that time, the PMFG common stock will trade as adjusted, giving effect to the reorganization, including the effect of the two-for-one conversion of shares. Peerless common stock will cease to trade as a result of the reorganization.
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