Babcock & Wilcox announces 1-for-10 reverse stock split
Babcock & Wilcox Enterprises announced that its board of directors approved a one-for-ten reverse stock split of the outstanding and treasury shares of the company's common stock. The reverse stock split was previously approved by a majority of the company's stockholders at the company's annual meeting of stockholders held on June 14, 2019. The reverse stock split, which is expected to become effective after the market closes on July 23, 2019, will follow the completion of the previously announced rights offering. Once effective, every 10 shares of the company's outstanding and treasury common stock will automatically be converted into one share of common stock. No fractional shares will be issued if, as a result of the reverse stock split, a stockholder would otherwise become entitled to a fractional share. Instead, stockholders who would otherwise hold fractional shares will be entitled to cash payments in respect of such fractional shares. The reverse stock split will not impact any stockholder's percentage ownership of the company, subject to the treatment of fractional shares. Following the reverse stock split, the number of outstanding and treasury shares of the company's common stock will be reduced by a factor of 10.