Furniture Brands International Inc. (FBN) on Tuesday announced a 1-for-7 reverse stock split of its common stock that will be effective today May 28 at 4:45 p.m. Eastern Time.
The reverse stock split was previously approved by the company's shareholders at the 2013 Annual Meeting of Shareholders held on May 2.
Furniture Brands' common stock will begin trading on the NYSE on a split-adjusted basis when the market opens on Wednesday, May 29.
When the reverse stock split becomes effective, every seven shares of issued and outstanding common stock will be automatically combined into one issued and outstanding share of common stock without any change in the par value per share.
On a pre-split basis, the company currently has about 56.4 million shares of common stock outstanding, which will be reduced to about 8.0 million shares as a result of the split.
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