Frontier Communications Corp. has announced a reverse stock split, which will be effective as of the beginning of trading on July 10.
The Norwalk company’s board of directors has determined to set the reverse stock split of the issued shares of common stock at a ratio of one share for 15 shares. In addition, and at the same time, the total number of shares of common stock that Frontier is authorized to issue will change from 1.75 billion shares to 175 million shares.
Stockholders who hold their shares in brokerage accounts or “street name” will not be required to take any action to effect the exchange of their shares. Holders of share certificates will receive instructions from Frontier’s transfer agent, Computershare Investor Services, regarding the process for exchanging their shares.