North West Oil Group, Inc. (NWOL)

[runcaly]

Another example

Magna board approves 20-1 reverse stock split
Email story
Print
Choose text size
Report typo or correction
Jul 04, 2008 04:30 AM
Be the first to comment on this article...
Horse track operator Magna Entertainment Corp. said yesterday its board of directors has approved a reverse stock split.

Every 20 shares of MEC class B stock and class A stock will be consolidated into one share of MEC class B stock and class A stock, respectively.

The board and the company approved the move to allow the company to regain compliance with the Nasdaq's $1.00 (U.S.) minimum bid price continued listing requirement.

Magna Entertainment class A shares closed unchanged at 45 cents in Toronto yesterday.

The change affects all shares of common stock, stock options and convertible securities of MEC outstanding before the reverse stock split. The approximately 58.4 million outstanding class B shares and 58.1 million outstanding class A shares will be reduced to approximately 2.92 million class B shares and 2.91 million class A shares.