Star Bulk Carriers Corp. (SBLK) said Friday that its Board of Directors has determined to effect a 1-for-15 reverse stock split of the Company's common shares.
The company's shareholders approved the reverse stock split and granted the Board the authority to determine the exact split ratio and proceed with the reverse stock split at the company's annual general meeting on September 7.
The reverse stock split will take effect, and the company's common stock will begin trading on a split-adjusted basis on the NASDAQ Global Select Market, as of the opening of trading on Monday, October 15.
The reverse stock split will reduce the number of outstanding common shares of the company from about 81.0 million shares to about 5.4 million shares.
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