NYCB Approves 1-for-3 Reverse Stock Split Of Common Stock; Shareholders Ratify Issuance Of Shares From March 2024 Capital Raise
Portfolio Pulse from Benzinga Newsdesk
New York Community Bancorp (NYCB) has approved a 1-for-3 reverse stock split of its common stock. Additionally, shareholders have ratified the issuance of shares from a capital raise planned for March 2024.
June 05, 2024 | 5:42 pm
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New York Community Bancorp (NYCB) has approved a 1-for-3 reverse stock split of its common stock. Shareholders have also ratified the issuance of shares from a capital raise planned for March 2024.
The reverse stock split may initially stabilize or increase the stock price by reducing the number of shares outstanding, which can make the stock more attractive to institutional investors. However, the capital raise in March 2024 could dilute existing shareholders' equity, potentially offsetting any positive impact from the reverse split.
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