Regional Health Properties Inc (NYSE: RHE) was flat New Year’s Eve, having reported a one-for-12 reverse stock split effective December 31.
The Atlanta-based Regional Health Properties, a self-managed healthcare real estate investment company that invests primarily in real estate purposed for senior living and long-term care, announced today that its shareholders approved a proposal to amend Regional's Articles of Incorporation to effect a reverse stock split of Regional's common stock at a ratio of between one-for-six and one-for-12, as determined by Regional's Board of Directors in its sole discretion.
Following the Annual Meeting, Regional's Board of Directors formally authorized a one-for-twelve reverse stock split of the common stock which will be effective at virtually the stroke of midnight, as 2018 becomes 2019.
The reverse stock split will not reduce the number of shares of common stock currently authorized under Regional's Articles of Incorporation (which is 55,000,000 shares), although it will reduce the number of shares of common stock outstanding by a factor of 12.
Regional's common stock will begin trading on a split-adjusted basis when markets open on Wednesday, January 2. Regional's common stock will continue to trade on the NYSE American under the symbol "RHE.”
No fractional shares will be issued in connection with the reverse stock split. Shareholders otherwise entitled to receive fractional share(s) as a result of the reverse stock split will receive an additional whole share of the common stock.
Shares faded one-100th of a cent to 9.5 cents.
