National CineMedia Plans Reverse Stock Split To Keep Sinking Shares Afloat, Avoid Nasdaq Delisting
deadline.comIn-theater advertising firm National CineMedia announced a special shareholders meeting to vote on a reverse stock split — a move that boosts the price of a company’s shares — as it risks being delisted by the Nasdaq market and works through a voluntary Chapter 11 reorganization.
The company, which was founded and is largely owned by the nation’s largest exhibitors, announced its plans in an SEC filing that, however, didn’t include the date for the 2023 meeting yet, or the terms of the reverse split.
Those details will come, with “the exact ratio to be determined by the Board of the Company at its discretion,” the filing said.
The shares, which have been in penny stock territory for many months, fell more than 10% today to close at 31 cents. They rose (3%) to 32 cents in late trading.
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