MAXXAM Inc. (MXM) to Convene Special Meeting of Stockholders to Approve 1-for-250 Reverse Stock Split
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MAXXAM Inc. (NYSE Amex: MXM) will convene, as promptly as practicable, a special meeting of its stockholders to approve, subject to final action by the Board of Directors, a 1-for-250 reverse stock split of the Company's common stock and preferred stock.
The purpose of the reverse stock split is to reduce the number of holders of record of MAXXAM common stock below 300, which will permit the Company to suspend its reporting obligations and deregister its common stock under the Securities Exchange Act of 1934, as amended. Terminating the Company's status as a public company will allow the Company to realize substantial cost savings on an ongoing basis.
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