Arch Coal Announces 1-For-10 Reverse Stock Split

(RTTNews) - U.S.-based coal producer Arch Coal, Inc. (ACI) on Monday announced a one-for-ten reverse stock split of its common stock.

Arch's stockholders granted authority to the Arch Board of Directors to effect the reverse stock split at the company's annual meeting of stockholders on April 23.

The reverse stock split is expected to take place after market close on July 27. It also is expected that Arch's common stock will begin trading on a split-adjusted basis on the New York Stock Exchange at the market open on July 28.

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 about 213 million to about 21.3 million.