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The board of White Plains-based Steel Excel Inc. announced a 1-for-500 reverse-forward stock split Friday. The split is effective at 5 p.m. June 18.
Shareholders owning fewer than 500 shares in Steel Excel will receive a cash payment for their shares following the reverse-forward split. Shareholders with more than 500 shares will have no change in their position if all of their shares are held in the same account.
Steel Excel Inc. has an energy division that provides drilling and production services in the oil and gas industry, and a sports division that provides event-based sports services.
