Diana Containerships Reveals Reverse Stock Split

Diana Containerships Inc. DCIX revealed that its Board has preferred to effect a reverse stock split of its common shares, par value $0.01 per share, at a ratio of not less than one-for-five and not more than one-for-twenty. According to the company, the exact split ratio would be determined by its Board and announced by it before the effective date.

Diana Containerships said its shareholders approved the reverse stock split and granted the Board the authority to determine the exact split ratio and proceed with the reverse stock split at its Annual Meeting of Shareholders held on February 24 in the current year.

The company indicated the reverse stock split would take effect, and its common stock would start trading on a split-adjusted basis on The Nasdaq Global Select Market, as of the opening of trading on or around June 9 under the existing trading symbol "DCIX." The company added that the new CUSIP number for its common stock following the reverse stock split was Y2069P127.

Diana Containerships said no fractional shares would be issued in respect of the reverse stock split. The company added that it would pay cash to those who are holding fractional shares due to the reverse stock split.

The company said that after effectiveness of the reverse stock split, its issued and outstanding common stock would be automatically integrated into one issued and outstanding share of common stock, without any change to the par value per share. This will reduce the number of outstanding common shares of the Company.

The stock traded 6.05 percent higher on Wednesday.

Posted In: NewsStock Split
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