2023-08-03 13:43:51 ET
- Reverse Stock Split Fulfills Obligations Under Restructuring Support Agreement and NCMI 9019 Settlement
- National CineMedia ( NASDAQ: NCMI ) has effectuated a 1-for-10 reverse stock split of its common stock.
- The common stock will begin trading on a split-adjusted basis at the opening of the market on August 4, 2023.
- The reverse stock split will reduce the number of public shares from 174,191,498 to approximately 17,419,150.
- The reverse stock split will enable the Company to fulfill its obligations under the restructuring support agreement between the Company, NCM LLC and certain of NCM LLC’s secured lenders.
- The reverse stock split is also expected to regain compliance with the $1.00 minimum average closing price requirement of Nasdaq.
- Source: Press Release
For further details see:
National CineMedia announces reverse stock split