New York Community Bancorp Reverse Stock Split To Become Effective At 5:01 P.M. ET On July 11, 2024
Portfolio Pulse from Benzinga Newsdesk
New York Community Bancorp (NYCB) will implement a reverse stock split effective at 5:01 P.M. ET on July 11, 2024. The company's common stock will begin trading on a split-adjusted basis starting July 12, 2024.
July 02, 2024 | 9:20 pm
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New York Community Bancorp (NYCB) will undergo a reverse stock split effective July 11, 2024, with trading on a split-adjusted basis starting July 12, 2024.
A reverse stock split typically consolidates the number of existing shares into fewer, proportionally more valuable shares. This can be a strategy to boost the stock price and meet listing requirements. However, it does not inherently change the company's market value. Investors may react neutrally in the short term as the fundamental value of the company remains unchanged.
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