Pier 1 Imports' 1-for-20 Reverse Stock Split Takes Effect

Pier 1 Imports Inc PIR announced a 1-for-20 reverse stock split Wednesday to regain compliance with New York Stock Exchange listing standards.

The company’s board of directors formally authorized a 1-for-20 reverse stock split of Pier 1’s common stock effective Thursday. 

Pier 1 said 53,284,243 votes were cast in favor of the proposal, representing 62.67% of the company’s outstanding shares entitled to vote at the 2019 annual meeting of shareholders.

The reverse stock split will reduce the number of shares of common stock issued and outstanding from 84,990,884 to 4,249,544.

The authorized number of shares of common stock will be reduced by a corresponding ratio to 25 million.

Pier 1 Imports common stock will trade on the NYSE on a split-adjusted basis under a new CUSIP number, 720279504.

Pier 1 shares were trading at $11.75 at the time of publication Thursday. 

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Photo by Steve Morgan via Wikimedia.