R/S : 15/1 $6.00 new price
• First Bancorp (FBP_) recently announced a dilutive $350 million capital raise. The Puerto Rico-based lender is implementing a one-for-15 reverse stock split to comply with New York Stock Exchange listing rules, following a sharp decline in its share price from around 50 cents to around 35 cents. Shorts targeted the bank after the capital raise was announced, borrowing 47 million shares, or 16.2% of the float, up 13% over the past two weeks. Following the reverse split on Friday, however, First Bancorp shares were up 5.3% at $5.66, perhaps part of a short squeeze.