Arch Coal has postponed its planned ten-for-one reverse stock split for “administrative purposes”, the company said in a statement yesterday. The reverse stock split had been planned for after market close on 27 July but will now take place on 3 August.
The company had planned the reverse stock split to help boost its share price, which is currently languishing at around 20 cents per share, and avoid following Alpha Natural Resources into delisting from the New York Stock Exchange.
Written by Jonathan Rowland.