FNB United Corp (FNBN) Completes 1-for-100 Reverse Stock Split on Common Shares
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FNB United Corp. (Nasdaq: FNBN), parent company of CommunityONE Bank, N.A. and Bank of Granite, today announced that it has completed the effectiveness of a one-for-one hundred reverse stock split of its common stock. The reverse stock split was adopted by the Company's board of directors and approved by the Company's shareholders at the 2011 Annual Meeting of Shareholders held on October 19, 2011.
A purpose of reverse stock split is to increase the per share trading price of the Company's common stock to satisfy the $1.00 minimum bid price requirement for continued listing on The Nasdaq Capital Market. As a result of the reverse stock split, every one hundred (100) shares of the Company's common stock issued and outstanding prior to the opening of trading on November 1, 2011 will be consolidated into one (1) issued and outstanding share. No fractional shares will be issued as a result of the reverse stock split. Instead, any fractional share resulting from the reverse stock split will be rounded up to the next largest whole share.
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A purpose of reverse stock split is to increase the per share trading price of the Company's common stock to satisfy the $1.00 minimum bid price requirement for continued listing on The Nasdaq Capital Market. As a result of the reverse stock split, every one hundred (100) shares of the Company's common stock issued and outstanding prior to the opening of trading on November 1, 2011 will be consolidated into one (1) issued and outstanding share. No fractional shares will be issued as a result of the reverse stock split. Instead, any fractional share resulting from the reverse stock split will be rounded up to the next largest whole share.
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