American Commercial Lines (ACLI) Announces Effectiveness of 1-For-4 Reverse Stock Split
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American Commercial Lines Inc. (Nasdaq: ACLI) announced that its previously declared one for four reverse stock split of its outstanding shares of common stock became effective today prior to the opening of trading on the Nasdaq Stock Market. The reverse stock split is effective with respect to stockholders of record at the close of business on Monday, May 25, 2009. As a result of the reverse stock split, each four shares of common stock were combined into one share of common stock and the total number of shares of common stock outstanding (excluding treasury shares) were reduced from approximately 50.9 million shares to approximately 12.7 million shares.
Stockholders will receive cash in lieu of any fraction of a share that any stockholder would otherwise be entitled to receive as a result of the reverse stock split.
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