Briefing.com
4:31 pm Xerox approves proposed reverse stock split of Xerox common stock at a ratio of one-for-four shares and outlined the company's strategy to enhance value for Xerox shareholders ( XRX) :
- Co announced that its proposed reverse stock split of Xerox common stock at a ratio of one-for-four shares, together with a proportionate reduction in the authorized shares of its common stock from 1,750,000,000 shares to 437,500,000 shares, were approved by Xerox shareholders at the annual meeting of shareholders held earlier today
- The co will move forward with implementing the reverse stock split and authorized share reduction, which are anticipated to be effective on or about June 14, 2017.
- As a result of the spin-off of the company's business process outsourcing business, now Conduent Incorporated, Xerox's market capitalization was divided. Consequently, the company proposed the reverse stock split, which is intended to increase the per share trading price of Xerox common stock and should improve its liquidity and facilitate its trading.
|
