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FTS International Ops for Reverse Stock Split
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FTS International Inc. has reported that its board of directors approved a reverse stock split at a ratio of 1-for-20.
The objective of the reverse stock split was to enable the Company to regain compliance with the NYSE’s minimum average share price requirement.
Beginning with the opening of trading on May 12, 2020, the Company’s common stock will trade on the NYSE on a split-adjusted basis under a new CUSIP number, 30283W203. The Company’s trading symbol will continue to be “FTSI.”
The reverse stock split reduced the number of shares of common stock outstanding from approximately 107,110,919 to approximately 5,355,000. The reverse stock split affects all stockholders uniformly and will not alter any stockholder’s percentage interest in the Company’s common stock, except for adjustments that may result from the treatment of fractional shares as described below.
American Stock Transfer & Trust Company LLC will act as exchange agent for the reverse stock split.
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