China Housing & Land Development Postpones Reverse Stock Split
In a press release on Thursday morning, China Housing & Land Development, Inc. (NASDAQ: CHLN) announced that it would postpone a proposed 50,000-to-1 reverse stock split to a later date in the first quarter 2016.
According to an SEC filing from November 23, the company is looking to reduce number of holders of record to less than 500, which would allow the company to "go private" by removing common stock from quotation by NASDAQ. This follows a wave of "go private" transactions, as well as a number of reverse stock splits being implemented by foreign domiciled U.S. listed stocks.
Shares of China Housing & Land Development were trading up ~3 percent on Thursday at $3.10.
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