reverse stock split
Posted on July 1st, 2009 Filed under Uncategorized
American International Group, Inc. (AIG) stock is significantly higher today due to a reverse stock split voted at the annual shareholders meeting yesterday. As of 7:42am EST on July 1, 2009, AIG shares are trading at $20.33. AIG Insurance has voted on a 1-20 reverse stock split. The amount of your shares decreases by 20 times while the stock price increases by 20 times. AIG stock should open and trade around $23.20 given the $1.16 close on June 30.
A reverse stock split reduces the number of shares and increases the share price proportionately, said Mary Junck, chairman and chief executive officer. “Meanwhile, investors are awaiting a reverse stock split that is expected to come into affect (sic) later today. This would mean if you own 1000 shares. a previously announced reverse stock split will not be effective with the opening of trading on July 1, 2009″.
Reverse Stock Split – Definition of Reverse Stock Split on Investopedia – A reduction in the number of a corporation’s shares outstanding that increases.
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