April 9 (Reuters) – Chesapeake Energy Corp said on Thursday shareholders will vote on April 13 on a reverse stock split proposal, which if approved, the company expects would boost its share price to a level required to stay listed on the New York Stock Exchange.
The split, proposed within a range of one for 50 to one for 200 shares, would come into effect a day later, if accepted. (reut.rs/3ebtPJm)
The NYSE’s listing norms mandate that a stock’s average trading price over a 30-day period be above $1 per share. If a company fails to meet the requirement, the NYSE notifies it and gives a six-month grace period to pull up the stock price.
Shares of Chesapeake Energy, which was notified by the exchange in December, closed at 17 cents on Thursday.
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