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Reverse Stock Splits

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BUSINESS
December 3, 2002 | From Associated Press
Lucent Technologies Inc. will ask shareholders for the option to approve a reverse stock split at any one of four ratios, a move needed because of the lingering slump in Lucent's stock price. Lucent, which announced plans for the reverse split in October, will seek shareholder approval of the proposal during its next annual meeting, set for Feb. 19 in Dallas, according to a preliminary proxy statement filed late Monday with the Securities and Exchange Commission.
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BUSINESS
March 21, 2011 | Reuters
Citigroup Inc. will resume paying a nominal dividend after it uses a reverse stock split to shrink the number of shares outstanding, taking a small step in its recovery from the financial crisis. Citigroup will pay a quarterly dividend of a penny a share, its first payout since 2009. But the bank's shares dropped Monday, in part because it remains behind rivals like JPMorgan Chase & Co., and Wells Fargo & Co. Those banks Friday received regulatory authorization to increase their dividends as much as 20 cents a share and buy back stock.
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BUSINESS
March 20, 2009 | Associated Press
Citigroup Inc. is considering a reverse stock split -- a move that wouldn't actually increase value for shareholders but would bump up the share price. The split is not a done deal. Citi said Thursday it would file a proxy to regulators to authorize its board of directors to execute a reverse stock split. But if the company decides to go through with the split, Citi's pummeled stock price could get a lift.
BUSINESS
December 3, 2002 | From Associated Press
Lucent Technologies Inc. will ask shareholders for the option to approve a reverse stock split at any one of four ratios, a move needed because of the lingering slump in Lucent's stock price. Lucent, which announced plans for the reverse split in October, will seek shareholder approval of the proposal during its next annual meeting, set for Feb. 19 in Dallas, according to a preliminary proxy statement filed late Monday with the Securities and Exchange Commission.
BUSINESS
June 6, 1990
Irvine-based Americus Funding Corp. said Tuesday that it will impose a 1 for 200 reverse split of its outstanding shares of common stock, effective June 15. The action will reduce the company's outstanding shares of common stock to about 2.8 million. The company also will reduce the authorized shares of common stock to 10 million. Americus is the parent of Advanced Immunotherapeutics Inc., which is developing drugs to treat various neurological and immunological diseases.
BUSINESS
February 20, 1996
Fidelity Federal Bank in Glendale said its 1-for-4 reverse stock split became effective Feb 14. Fidelity's shares of Class A common stock are currently quoted on the Nasdaq OTC Bulletin Board under two symbols. The pre-split trading symbol is FDFBA, and the post-split symbol is FDFBD. After 30 days, the trading symbol will revert to FDFBA. Reverse stock splits are used to raise the price of each share of common stock, thus helping to make the shares more marketable.
BUSINESS
March 19, 1999
Shareholders of Santa Ana-based Tivoli Industries Inc. have approved a 1-for-3 reverse stock split, the company said Thursday. Tivoli, which makes specialty lighting and related products, proposed the reverse split in an effort to boost the stock price above the minimum of $1 a share required to retain the company's listing on the Nasdaq market. The shares have been trading below $1 since August. The stock closed Thursday at 69 cents, down 6 cents a share.
BUSINESS
September 26, 2001 | Times Staff and Wire Reports
Irvine Sensors Corp. shareholders approved a 1-for-20 reverse stock split, which takes effect today, in response to Nasdaq warnings that the shares could be delisted for falling below the $1 minimum price requirement. The Costa Mesa electronics products maker's stock, which has lost more than 88% of its value this year, closed Tuesday at 14 cents, off 4 cents a share, on the Nasdaq SmallCap market.
BUSINESS
April 18, 2001 | From Dow Jones Newswires
MedCom USA Inc. cut its U.S. staff by 20%--about 24 employees--to reduce costs, and said Tuesday it may be delisted from Nasdaq because it doesn't meet the minimum price requirement. The Irvine health care technology company had nearly 120 employees before the work force reduction and is continuing to evaluate costs.
BUSINESS
March 16, 2001 | From Dow Jones Newswires
Diedrich Coffee Inc., the struggling coffeehouse chain, said Thursday that several investment funds have agreed to invest a total of $6 million for new shares of the company's stock. The Irvine company, in an effort to prevent its shares from being delisted, also said it plans to ask shareholders to approve a 1-for-3 reverse stock split. The infusion comes from an investment group led by Westcliff Capital Management and that includes a fund managed by Diedrich Chairman Paul C.
BUSINESS
April 29, 2000 | Marc Ballon
Day Runner Inc., the struggling maker of daily organizers and planners, said Friday that its board of directors authorized a 1-for-5 reverse split of the company's stock. Under the reverse split, the Fullerton company would turn its total of more than 11.9 million shares outstanding into nearly 2.4 million shares. Day Runner said in a press release that it took the action to comply with Nasdaq listing requirements and "maintain its current listing."
CALIFORNIA | LOCAL
December 14, 1999
Jerry's Famous Deli, Studio City, said its board of directors has proposed a 1-for-3 reverse stock split to avoid delisting from the Nasdaq National Market on Dec. 27. The company intends to file an appeal with Nasdaq in order to maintain its current listing until a plan is in place to move to the Nasdaq SmallCap Market. If the company is delisted, it would be forced to move to the OTC Bulletin Board. Jerry's Famous Deli operates restaurants in Southern California and Florida.
BUSINESS
March 26, 1999
Tivoli Industries in Santa Ana said a reverse 1-for-3 stock split, approved by the board earlier in an effort to boost the price above $1 and avoid losing its Nasdaq listing, is scheduled to take effect today at the close of business. Nasdaq has warned the company that its stock will lose its listing on the Nasdaq SmallCap market if the shares continue to trade below $1. The stock has been trading below $1 a share since Aug. 4.
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