Aimco sets ratio for reverse stock split
Aimco announced that a committee of its board of directors has established 1-for-1.03119 as the ratio for the previously-announced reverse stock split of its outstanding shares of common stock. The reverse stock split will become effective at 5:00 pm Eastern Time on February 20, 2019, and Aimco's common stock will begin trading on a split-adjusted basis on the New York Stock Exchange as of the opening of trading on February 21, 2019, under Aimco's existing symbol "AIV." Aimco's common stock has been assigned a new CUSIP number of 03748R754 in connection with the reverse stock split. When the reverse stock split becomes effective, every 1.03119 of the company's issued and outstanding shares of common stock will be combined into one share, without any change to the par value per share. No fractional shares will be issued in connection with the reverse stock split. Stockholders who would otherwise hold a fraction of a share will receive a cash payment in lieu thereof at a price equal to that fraction of a share to which the stockholder would otherwise be entitled, multiplied by the closing price of Aimco's common stock on the NYSE on February 19, 2019.