Alcoa (AA) Completes Previously-Announced 1-for-3 Reverse Stock Split
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Alcoa Inc. (NYSE: AA) announced today that it has completed the previously-announced reverse stock split of Alcoa Inc. common stock at a ratio of 1 for 3 and a proportionate reduction in the number of authorized shares of its common stock, from 1,800,000,000 shares to 600,000,000 shares.
The reverse stock split and authorized share reduction were approved by Alcoa shareholders at a special shareholder meeting earlier today. The applicable articles of amendment were filed in the Pennsylvania Department of State on October 5, 2016.
Alcoa Inc. common stock will begin trading on a split-adjusted basis at market open on October 6, 2016. Alcoa Inc. common stock will continue to trade on the New York Stock Exchange under the symbol "AA," although a new CUSIP number (013817507) has been assigned to it as a result of the reverse stock split.
No fractional shares have been 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 cash payments in lieu of such shares.
Additional information about the reverse stock split can be found in Alcoa’s definitive proxy statement on Schedule 14A filed with the U.S. Securities and Exchange Commission (the “SEC”), available free of charge at the SEC’s website, www.sec.gov, or at Alcoa’s website, www.alcoa.com.
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