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Reverse Stock Split

All articles tagged with #reverse stock split

finance1 year ago

"NYCB Secures $1 Billion Capital Infusion, Implements Reverse Stock Split to Reassure Markets"

New York Community Bancorp (NYCB) has closed a $1 billion capital infusion deal with an investor group and announced plans for a one-for-three reverse stock split of its common stock. The bank also appointed Joseph Otting as its chief executive and added former U.S. Treasury Secretary Steven Mnuchin and others as new directors of the board. NYCB's shares rose 5.8% in extended trading following the announcement. The bank aims to raise funds through stocks and warrants, with investors expected to own about 39.6% of the company on a fully-diluted basis. Despite concerns from Wall Street analysts about the bank's turnaround timeline, NYCB plans to outline a new business plan in April after experiencing a surprise quarterly loss and a reduction in dividends.

via Reuters|
#banking#capital-infusion#finance
finance1 year ago

"NYCB Secures $1 Billion Capital Infusion and Implements Reverse Stock Split"

New York Community Bancorp has closed a $1 billion capital infusion deal with an investor group, including former U.S. Treasury Secretary Steven Mnuchin, and plans to implement a one-for-three reverse stock split of its common stock. The bank has appointed Joseph Otting as its chief executive and added new directors to the board. NYCB's shares rose 5.8% in extended trading following the announcement. The bank also revealed plans to raise funds through stocks and warrants, with investors expected to own about 39.6% of the company on a fully-diluted basis. However, concerns remain about the lender's turnaround as it continues to face pressure on profits due to efforts to boost reserves for potential bad loans in its commercial real estate portfolio.

via Yahoo Finance|
#capital-infusion#finance#investors
finance1 year ago

NYCB Announces $1 Billion Capital Infusion Deal and Reverse Stock Split

New York Community Bancorp has closed a $1 billion capital infusion deal with an investor group, including former U.S. Treasury Secretary Steven Mnuchin, and plans to implement a one-for-three reverse stock split of its common stock. The bank has appointed Joseph Otting as its chief executive and added new directors to its board. NYCB's shares rose 5.8% in extended trading following the announcement. The bank aims to raise funds through stocks and warrants, with investors expected to own about 39.6% of the company on a fully-diluted basis. Despite concerns from Wall Street analysts about the bank's turnaround timeline, NYCB plans to outline a new business plan in April after experiencing a surprise quarterly loss and a 70% reduction in its dividend.

via Yahoo Finance|
#banking#capital-infusion#finance
finance2 years ago

ARMOUR Residential REIT Implements Reverse Stock Split, Maintains Dividend Rate and Provides Q4 Dividend Guidance

ARMOUR Residential REIT, Inc. has announced a one-for-five reverse stock split, which will take effect on September 29, 2023. This means that every five shares of common stock will be converted into one share. The company's common stock dividends for September 2023 will remain stable at $0.08 per share. Additionally, the company has provided guidance on common stock dividends for the fourth quarter of 2023, with a rate of $0.40 per share expected. The reverse stock split is aimed at attracting a broader range of investors and increasing the per share stock price.

via Yahoo Finance|
#armour-residential-reit#common-stock#dividend-rate
finance2 years ago

AMC Stock Plummets as APE Conversion Looms

AMC Entertainment Holdings Inc.'s stock fell 21% ahead of its stock conversion, as the movie-theater chain aims to eliminate debt. The conversion of AMC Preferred Equity units will result in the trading of a single AMC common share class. AMC is also planning a reverse 1-for-10 stock split and an increase in authorized common shares. The APEs, referring to meme stock investors, fell 5.1% on Wednesday. AMC's stock decline follows a two-day losing streak and is the largest daily percentage decline since August 14.

via MarketWatch|
#amc-entertainment-holdings-inc#debt-elimination#finance
business2 years ago

Ideanomics Implements Reverse Stock Split to Boost Share Value

Ideanomics has announced a reverse stock split of its common stock at a ratio of 1-for-125, which is expected to become effective on August 25, 2023. The reverse stock split is being enacted to regain compliance with the $1.00 minimum bid price required for continued listing on The Nasdaq Capital Market. The total number of shares will be reduced, and stockholders will receive one whole share for any fractional shares resulting from the split. The reverse stock split has no effect on the par value of the company's common stock or authorized shares of preferred stock.

via PR Newswire|
#business#compliance#ideanomics
business2 years ago

WeWork Implements Reverse Stock Split to Maintain NYSE Listing

WeWork, the troubled co-working space company, has announced a 1-for-40 reverse stock split in an attempt to save its plummeting stock from being delisted from the New York Stock Exchange (NYSE). The reverse stock split aims to boost WeWork's ailing stock price, which has fallen 90% year-to-date, and prevent it from dropping below the NYSE's minimum closing price requirement. WeWork's uncertain future comes amidst challenges faced by the commercial real estate sector due to the pandemic and the rise of hybrid working. The company reported a net loss of $397 million in the second quarter and outlined a turnaround plan to improve its financial health, including renegotiating lease terms and reducing canceled memberships.

via CNN|
#business#financial-troubles#nyse
business2 years ago

WeWork's Reverse Stock Split Fails to Halt Plummeting Share Price

WeWork, the office-sharing company, has announced a 1-for-40 reverse stock split in an attempt to prevent its stock from being delisted from the New York Stock Exchange (NYSE). The announcement caused the shares to fall 11%, closing at 14 cents. WeWork's market cap now stands at around $300 million, and the reverse split will take effect on September 1. However, the move will not improve the company's financials or valuation. WeWork has been facing significant financial struggles, with mounting losses and dwindling cash, raising doubts about its ability to continue as a going concern.

via CNBC|
#business#financial-struggles#nyse-listing
business2 years ago

WeWork's NYSE Compliance: Drastic Measures Taken Again

WeWork has announced a 1-for-40 reverse stock split in an effort to comply with New York Stock Exchange (NYSE) listing requirements. The flexible workspace provider has been struggling since its failed attempt to go public in 2019, with its shares losing nearly all their value. The reverse stock split aims to regain compliance with the minimum closing price required for continued listing. WeWork's market capitalization has plummeted from $47 billion to approximately $336 million. The company has been implementing cost-saving measures and dealing with executive departures, while facing increasing competition and softer demand.

via New York Post |
#business#compliance#market-capitalization
business2 years ago

WeWork's Reverse Stock Split Aims to Regain Listing Compliance

WeWork plans to proceed with a one-for-forty reverse stock split in order to regain compliance with listing requirements, as the company's shares have plummeted in value since its market debut. Once valued at $47 billion, WeWork's market capitalization now stands at around $336 million. The reverse stock split, effective on September 1st, aims to help the company meet the minimum closing price required for continued listing. WeWork has faced significant challenges, including investor concerns over losses and doubts about its business model, leading to a series of cost-saving measures and executive departures.

via Reuters|
#business#compliance#listing-requirements
business2 years ago

WeWork's Reverse Stock Split Aims to Regain Listing Compliance

WeWork, the flexible workspace provider, has announced plans for a one-for-forty reverse stock split in an effort to regain compliance with listing requirements. The company's shares have plummeted in value since its market debut in 2021, and it now has a market capitalization of around $336 million, a significant decline from its previous valuation of $47 billion. WeWork has faced challenges due to investor concerns over its losses and business model. The reverse stock split aims to meet the minimum closing price required for continued listing.

via Yahoo Finance|
#business#compliance#listing-requirements
business2 years ago

WeWork Implements Reverse Stock Split to Meet NYSE Listing Requirements

WeWork has announced a 1-for-40 reverse stock split to regain compliance with the New York Stock Exchange's listing rules. The struggling office-sharing company's stock closed at 16 cents a share, prompting concerns about its solvency. WeWork's survival depends on successfully improving liquidity and profitability over the next year. The split will be applied to Class A and Class C common stock, and trading on a post-split basis will begin on September 5th. WeWork, once valued at $47 billion, has faced financial challenges and a decline in valuation since its failed IPO in 2019.

via MarketWatch|
#business#compliance#financial-struggles
business2 years ago

Astra's Stock Sale Aims to Raise $65 Million

Astra Space, facing financial challenges and a potential stock delisting, plans to perform a reverse split of its stock and sell up to $65 million in an "at-the-market" offering. The proceeds will be used for working capital and the development of its Rocket 4 launch vehicle and Astra Spacecraft Engine electric thrusters. Astra reported a net loss of $44.9 million in the first quarter and had $62.7 million in cash. The company aims to boost its share price through a 1-for-15 reverse stock split, which will occur no later than October 2.

via SpaceNews|
#astra-space#business#cash-reserves