Sun Bancorp (SNBC)

[56Chevy]

Sun Bancorp, Inc. Announces Effectiveness of 1 for 5 Reverse Stock Split

Date : Effective on 08/11/2014 @ 5:09PM
Source : PR Newswire (US)
Stock : Sun Bancorp, Inc. (MM) (SNBC)
Quote : $18.90 -0.74 (-3.77%) @ 8:10PM

MOUNT LAUREL, N.J., Aug. 11, 2014 /PRNewswire/ -- Sun Bancorp, Inc. (NASDAQ: SNBC) (the "Company") today announced the effectiveness of its 1 for 5 reverse stock split of the Company's common stock, which became effective at 12:00AM Eastern Time today for shareholders of record as of 11:59PM Eastern Time on August 8, 2014 (the "Record Date"). The Company's common stock began trading on the NASDAQ Global Select Market on a split-adjusted basis at market open today.

Upon the effectiveness of the reverse stock split, each five shares of the Company's issued and outstanding shares of common stock were automatically combined into one share of the Company's common stock. The reverse stock split affects all issued and outstanding shares of the Company's common stock, as well as the number of shares of common stock available for issuance under the Company's equity incentive plans. In addition, the reverse stock split will effect a reduction in the number of shares of common stock issuable upon the exercise of stock options outstanding as of the Record Date, with a proportional increase in the exercise price. No fractional shares will be issued as a result of the reverse stock split. In lieu of issuing fractional shares, the Company will round up to one whole share of Common Stock in the event a shareholder would be entitled to receive a fractional share of Common Stock. The number of authorized shares of the Company's common stock decreased from two-hundred million (200,000,000) shares, to forty million (40,000,000) shares and the par value per share of the Company's common stock increased from $1.00 per share to $5.00 per share as a result of the reverse stock split.

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http://ih.advfn.com/p.php?pid=nmona&article=63247300

Marker:
Sun Bancorp, Inc. (SNBC)
$18.90 down -0.74 (-3.77%)
Volume: 45,969