Furniture Brands Shareholders Approve Reverse Split

May 5, 2013  by in UnCategorized   

By Aggregated Content in Financial Reports on May 6, 2013 from http://www.journalnow.com/business/business_news/local/article_b95cae5c-b6a8-11e2-93a9-0019bb30f31a.html

Furniture Brands International Inc. reported Monday that shareholders overwhelmingly approved providing authorization for the company to conduct one of two reverse stock split initiatives - a 1-for-5 option and a 1-for-7 option - by May 2014.

In most instances, a reverse stock split is done to lift a stock above the $1 threshold to avoid being delisted by a stock market. Furniture Brands' share price has ranged from 88 cents to $1.85 over the past 52 weeks. It rose 4 cents Monday to close at 99 cents.

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