Porter Bancorp announces 1-for-5 reverse stock split
Porter Bancorp announced that its board of directors has approved a 1-for-5 reverse stock split of the company's issued and outstanding Common Shares and Non-Voting Common Shares. The Reverse Stock Split will take effect at 5:00 p.m. eastern time on Friday, December 16, 2016. Porter Bancorp's Common Shares will begin trading on the NASDAQ Capital Market on a split-adjusted basis when the market opens on Monday, December 19, 2016. At the PBIB Annual meeting in May 2016, holders of the Company's Common Shares authorized our board of directors to implement a reverse stock split during the twelve-months ending on the date of the 2017 Annual Meeting and to select a reverse split ratio within the range of 1-for-2 up to 1-for-10.