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Home » YRC shareholders approve reverse stock split
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YRC shareholders approve reverse stock split

November 30, 2011
Mark B. Solomon
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Shareholders of less-than-truckload carrier YRC Worldwide Inc. today approved a 1-to-300 reverse stock split, a move that will reduce the number of outstanding shares to 6.8 million from the current 2 billion, the company said.

The vote, taken at the company's annual shareholder meeting at YRC's Overland Park, Kan., home base, is designed to provide a boost to the stock price by removing a large number of shares from the market. The split takes effect Dec. 2.

By reducing the supply of shares, the company hopes to push the stock price above $1 a share and avoid delisting from the NASDAQ stock exchange, where the company's stock trades.

As of mid-day Nov. 30, YRC shares were trading at three cents a share, down 8 percent on the session.

In mid-September, YRC shareholders approved the issuance of 1.5 billion new shares called for in a July 22 restructuring that effectively kept the carrier out of bankruptcy.

Today's action marks the second time in 13 months YRC shareholders have approved a reverse stock split. In October 2010, shareholders approved a 1-to-25 reverse split to boost the share price above $1.

Transportation Trucking Less-than-Truckload
KEYWORDS YRC Worldwide
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Marksolomon
Mark Solomon joined DC VELOCITY as senior editor in August 2008, and was promoted to his current position on January 1, 2015. He has spent more than 30 years in the transportation, logistics and supply chain management fields as a journalist and public relations professional. From 1989 to 1994, he worked in Washington as a reporter for the Journal of Commerce, covering the aviation and trucking industries, the Department of Transportation, Congress and the U.S. Supreme Court. Prior to that, he worked for Traffic World for seven years in a similar role. From 1994 to 2008, Mr. Solomon ran Media-Based Solutions, a public relations firm based in Atlanta. He graduated in 1978 with a B.A. in journalism from The American University in Washington, D.C.

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