In-theater advertising firm National CineMedia announced a special shareholders meeting to vote on a reverse stock split — a move that boosts the price of a company’s shares — as …
The company, which was founded and is largely owned by the nation’s largest exhibitors, announced its plans in an SEC filing that, however, didn’t include the date for the 2023 meeting yet, or the terms of the reverse split. Those details will come, with “the exact ratio to be determined by the Board of the Company at its discretion,” the filing said. The shares, which have been in penny stock territory for many months, fell more than 10% today to close at 31 cents.
late last year. Reverse splits boost the price of a stock and reduce the total number of shares outstanding. They are typically done by companies looking to avoid delisting or improve their standing with investors. A number of shares, in this case still unspecified, are combined and reclassified into one share.
Stock splits, the opposite maneuver, are common, recent examples include Apple and Amazon, and generally a sign of progress as the stock price get too high. National CineMedia was put on notice by Nasdaq last October that it had failed to meet minimum listing requirements and was most recently given until July 26 to get into compliance.
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