National CineMedia has effectuated a 1-for-10 reverse stock split of its common stock. The company’s common stock began trading on a split-adjusted basis at the opening of the market on August 4 under the existing trading symbol NCMI.
The company’s stockholders approved the move during a special meeting on August 2.
The company says the move will enable it to fulfill its obligations under the restructuring support agreement between it and certain of its secured lenders and moves NCM one step closer to achieving its Chapter 11 Plan of Reorganization.
The reverse stock split is also expected to allow the company to regain compliance with the $1.00 minimum average closing price requirement of Nasdaq.
National CineMedia www.ncm.com