Thursday, Borders Group, Inc. (BGP), an operator of book, music and movie superstores, said it will not ask its shareholders in its annual meeting at May 21 to vote on an amendment that would have allowed the company to carry out a reverse stock split. The previously announced reverse stock split plan was intended to increase the per share market price of its common stock to meet criteria for continued listing on the New York Stock Exchange.
Since the company's common stock is currently trading above the required price level and the NYSE has decided to temporarily suspend such requirements for all companies, there was no need for such an action now. However, the company noted that it might seek shareholder approval for a reverse stock split at a future date.
Additionally, the company announced that two of its directors, Edna Medford and Michael Weiss, will not stand for re-election at the annual meeting and the vacancies will not be filled, effectively reducing the size of the board to eight. Five of the remaining incumbent directors namely Don Campbell, Joel Cohen, Amy Lane, Brian Light and Larry Pollock will stand for re-election, but have advised the board about their intention to step down over the coming months as suitable replacements are found.
The company said it plans to retain a search firm to identify qualified candidates to replace them, including suggestions made by shareholders. No other changes were made to the annual meeting agenda, Borders added.
BGP is currently trading at $1.66, up $0.21 or 14.48%, on the NYSE.
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May 01, 2026 15:54 ET Central banks dominated the economics news flow this week with almost all major ones announcing their latest policy decisions and many boosted expectations for a rate hike in June. In other news, several countries released the preliminary data for first quarter economic growth. In the U.S., comments by Fed Chair Jerome Powell were also in focus as his term ends this month.