TRQ - Turquoise Hill confirms 1-for-10 reverse stock split

Turquoise Hill Resources (TRQ) -1.1% after-hours on news it will move forward with a 1-for-10 reverse split of its issued and outstanding common shares, effective Oct. 23.Turquoise Hill says the move is intended to ensure continued listing on the NYSE, whose rules require that a listed security must have an average closing price of at least US$1.00 over a 30-day trading period.The company expects the shares to begin trading on the NYSE and the Toronto Stock Exchange on a consolidated basis on Oct. 26.Turquoise Hill and its controlling shareholder, Rio Tinto, recently signed an MoU to pursue a re-profiling of existing project debt that could cut projected funding requirements of the Oyu Tolgoi project by as much as $1.4B.

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Turquoise Hill confirms 1-for-10 reverse stock split