OAK PARK — The hybrid and electric truck powertrain developer Azure Dynamics Corp. (OTC: AZDDF) said Friday that effective March 19, it will consolidate its shares on a 40-1 basis.

Shareholders will receive one share of “post consolidation” stock for every 40 shares they now own. The company now has 787.8 million shares of stock and 33.8 million warrants outstanding. It is expected that after the consolidation, it will have 19.7 million shares of stock and 845,968 warrants outstanding.

READ MORE: City Of Detroit Celebrates New Mixed-Use Development Project Named After Artist

Letters of transmittal with respect to the consolidation will be mailed out to all of the company’s registered shareholders on or about March 19. All registered shareholders of the Company will be required to send their certificates representing pre-consolidation common shares with a properly executed letter of transmittal to the Company’s transfer agent, Equity Financial Trust Company in Toronto, Ontario. Call Equity Financial at (866) 383-4891 or email corporateactions@equityfinancialtrust.com.

READ MORE: Oakland County Hosting Free Counseling And Resource Events Following Tragedy At Oxford High School

Additional copies of the letter of transmittal can be obtained through Equity. All shareholders who duly complete letters of transmittal and submit their pre-consolidation common share certificates to Equity will receive new share certificates representing the number of post-consolidation common shares to which they are entitled to pursuant to the terms of the consolidation.

No fractional post-consolidation common shares will be issued pursuant to the consolidation. Any such fractional Common Shares will be deemed to be a subscription for the next smallest whole number of Common Shares and no cash consideration will be paid in respect of fractional common shares. The exercise price and the number of common shares issuable under any of the Company’s outstanding warrants will be proportionately adjusted upon the consolidation.

MORE NEWS: AG Nessel Says Independent Investigation In Oxford Possible, Despite District's Denial

Azure Dynamics is a world leader in the development and production of hybrid electric and electric components and powertrain systems for light and medium duty commercial vehicles.  Azure is strategically targeting the commercial delivery vehicle and shuttle bus markets and is currently working internationally with a variety of partners and customers. The Company is committed to providing customers and partners with innovative, cost-efficient, and environmentally friendly energy management solutions.  For more information please visit www.azuredynamics.com.