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Ocwen Sets One-for-Fifteen Reverse Stock Split for Mid-MonthOcwen Sets Reverse Stock Split for Mid-Month bivey@imfpubs.com Ocwen Financial late Monday approved a one-for-15 reverse stock split, a less dilutive move than earlier plans for a one-for-25 recalibration. The maneuver is designed to maintain compliance with minimum share price requirements set by the New York Stock Exchange. Stocks with an average price of less than $1 per share are at risk of being de-listed. According to the lender/servicer, on Aug. 13, every 15 shares of issued common will be combined and converted into one share. Since July, when the one-for-25 reverse split was unveiled, the company’s share price has improved, allowing for the less drastic measure. Early Tuesday, Ocwen’s stock was trading for roughly $1.27 per share. Its 52-week low is $0.28, its high, $2.05. Last decade, when the nonbank was flying high as a scratch-and-dent servicing specialist, its common reached $58.00. “The company believes a reverse stock split may facilitate investment in its stock by potentially broadening the range of eligible institutional investors, increasing analyst and broker-dealer interest and decreasing stock price volatility,” the company said. |
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