Finance of America (FOA) plans to perform a reverse stock split at a 10-to-1 ratio to bolster the company's stock price and prevent delisting from the NYSE.
The move is aimed at consolidating available shares into fewer, higher-priced ones as FOA faces a potential delisting threat due to noncompliance with NYSE's listing standards.
FOA obtained shareholder approval representing 70% of the voting power to proceed with the reverse stock split, as outlined in the company filing with the SEC.
The company expects the reverse stock split to elevate the per-share trading price of its Class A Common Stock above $1.00, potentially enhancing its appeal to a wider range of investors.
#finance-of-america #reverse-stock-split #nyse-compliance #shareholder-approval #stock-price-enhancement
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