First BanCorp (FBP) Wednesday said it is implementing a one-for-fifteen reverse stock split for all of it outstanding common shares, effective January 7.
By splitting the common stock at one-for-fifteen ratio - i.e. one new common share for fifteen old shares - reduces the number of outstanding common shares to approximately 21 million shares from 320 million shares.
For cases in which the reverse stock split results in any investor holding fractional shares, the stockholder will receive a cash payment in lieu of such fractional shares.
At the Special Meeting of Stockholders held on August 24, 2010, shareholders approved an amendment to the company's Restated Articles of Incorporation to implement a reverse stock split at a ratio, to be determined by the Board of Directors.
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