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Furniture Brands Shareholders Approve Reverse Split
By Aggregated Content in Financial Reports on May 6, 2013
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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