Alcoa to Seek 1-for-3 Reverse Stock Split
July 27 2016 - 7:20PM
Dow Jones News
Alcoa Inc. plans to cut the number of its publicly traded shares
with a 1-for-3 reverse stock split, as the aluminum maker prepares
to split into two companies.
The company said in a prepared statement that it was making the
move in hopes of increasing its stock price, "which may improve
liquidity and facilitate its trading."
Alcoa will hold a special shareholder meeting on Oct. 5 to seek
approval of the reverse stock split and authorized share count
reduction.
Shares of the company, which have sagged 5% over the past three
months, have been hurt by a supply glut of aluminum. The stock
ended up 0.7% on Wednesday at $10.74.
The company is in the process of splitting off its
faster-growing business units into a separate company, to be named
Arconic. Alcoa has said the split remains on track for completion
in the second half of this year.
Write to Ezequiel Minaya at ezequiel.minaya@wsj.com
(END) Dow Jones Newswires
July 27, 2016 19:05 ET (23:05 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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