Arch Coal Announces One-for-Ten Reverse Stock Split

Arch Coal (NYSE:ACI) Announced a one-for-ten reverse stock split, expected to take place after market close on July 27, 2015.
As quoted in the press release:

At the Effective Time, every ten issued and outstanding shares of Arch’s common stock, as well as treasury shares, will be converted into one share of Arch’s common stock. While Arch’s common stock will continue to trade on the NYSE under the symbol “ACI,” it will have a new CUSIP number following the effectiveness of the reverse stock split. The reverse stock split will not modify any rights or preferences of Arch’s common stock. The reverse stock split is intended to increase the market price per share of Arch common stock to allow Arch to maintain the listing of its common stock on the NYSE.
As a result of the reverse stock split, the number of outstanding shares of Arch’s common stock will be reduced from approximately 213 million to approximately 21.3 million. No fractional shares will be issued in connection with the reverse stock split. Instead, stockholders who otherwise would receive fractional shares will receive, in lieu of such fractional shares, an amount of cash based on the volume weighted average price of Arch’s common stock for the date of the Effective Time. Holders of Arch’s common stock held in book-entry form or through a bank, broker or other nominee do not need to take any action in connection with the reverse stock split. Stockholders of record will be receiving information from American Stock Transfer & Trust Company, LLC, Arch’s transfer agent, regarding their stock ownership post-split. All other questions can be directed to the transfer agent, American Stock Transfer & Trust Company, LLC, who can be reached at (877) 248-6417 or (718) 921-8317.

Click here to read the full press release.