National Bank of Greece ADR (fka NBGGY)

[sludgehound]

NBG 1-15 R/S set hvy volume EUR .02/.30

Details didn't come out until mid day

12:56 PM EST, 11/20/2015 (MT Newswires) -- ADRs of National Bank of Greece (NBG) plunged to a new record low Friday after the Greek bank disclosed late Thursday it priced an offering of new shares at EUR 0.02 per share, or at EUR 0.30 per share to reflect a 15-to-1 reverse share split.
The bank said investor demand stood at EUR 1.17 billion as of Nov. 2, adding that the offering should be launched at the offer price on or about Nov. 30, aiming to raise an additional EUR 300 million.
National Bank of Greece said it will be able to cover a baseline capital shortfall of EUR 1.46 billion revealed in stress tests conducted by the European Central Bank with the new share offering together with EUR 308 million of additional capital related to other further burden sharing measures.
NBG was down over 39% with a new 52-week range of $0.21 to $2.53. Volume was nearly seven times the average three-month volume of approximately 10.9 million shares.
Price: 0.23, Change: -0.15, Percent Change: -39.08
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