Sooner Holdings, Inc. (OTC Bulletin Board: SOON) (the "Company"), announced that it has changed its name to Flying Eagle PU Technical Corporation and completed a reverse stock split on a 1-for-18.29069125 shares basis. The Company's stock symbol on the NASDAQ Over-the-Counter Bulletin Board will also be changed from "SOON" to "FEPU."
Under the Company's restated certificate of incorporation filed with the Oklahoma Secretary of State, 18.29069125 shares of the Company's common stock issued and outstanding were combined and changed into one share of common stock. Any resulting fractional share was rounded up to the next higher whole number. The reverse stock split affects all issued and outstanding shares of the Company's common stock immediately prior to the effective date of the reverse stock split. On January 30, 2012, the split-adjusted shares of the Company's common stock will trade under the symbol "SOOND" for 20 trading days to signify that the reverse stock split has occurred. Thereafter, the "D" will be removed and the new symbol will be "FEPU". In addition, as a result of the reverse stock split, in accordance to the terms of the Series A Preferred Stock, each share of Series A Preferred Stock issued and outstanding automatically converted into 1,000 shares of common stock (on a post reverse stock basis), resulting in the automatic conversion of 19,200 shares of Series A Preferred Stock of the Company into approximately 19,200,000 shares of common stock of the Company.
Mr. Ang Kang Han, President of the Company stated, "We believe our new name Flying Eagle PU Corporation better reflects our brand and business operations. In addition, the symbol change will help our shareholders and potential shareholders identify our stock with our Company."
About the Company
The Company, located in Fujian province, is a leading producer of synthetic polyurethane leather ("PU leather") for the shoe industry in China. The Company's primary business is to design, manufacture and distribute PU leather. The Company also manufactures flip-flops and slippers for sale in China and abroad. For its high performance series, the Company uses high-density nonwoven fabric as base cloth because of its superior hydrolysis resistance, peel and tear strength, durability and air and moisture permeability. High performance PU leather is mainly used to make high-grade athletic shoes. The Company is located in ShiShi City, Fujian, close to Quanzhou - China's largest production base for sports shoes, sneakers and casual shoes. In this one region alone, there are more than 3,000 shoe manufacturers producing over 1 billion shoes annually located in close proximity.