Pier 1 Imports Wants Shareholders to Help It Stay on NYSE by Approving Reverse Stock Split

Pier 1 Imports filed its proxy statement to shareholders Tuesday with a proposal to approve a reverse stock split of as much as 1-for-20 shares.The proposal on the ballot for the Fort Worth home furnishings retailer's June 19 annual meeting asks shareholders to give the directors discretion as to the timing and the ratio of the split.The company is recommending ratios of 1-for-5, or 1-for-10 or 1-for-20 of its 85 million shares of common stock outstanding and 500 million authorized shares. The effect of such a move would be to raise the stock price.   Continue reading...

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