NEW YORK — Coldwater Creek Inc. reported Friday that its board has declared a 50 percent stock dividend on its common stock, having the effect of a 3-for-2 stock split.
Stockholders of record on Jan. 8, 2003, will be entitled to one additional share of common stock for every two shares of the company’s common stock held on that date. Cash paid in lieu of fractional shares will be based on the closing price of the firm’s common stock on the record date, as adjusted for the stock dividend.
The payment date for the stock dividend will be Jan. 30, 2003, at which time shares will be issued to stockholders by Coldwater’s transfer agent, Mellon Investor Services. The company had approximately 10.8 million shares of its common stock outstanding as of Thursday.
As a result of the stock dividend, Coldwater will have approximately 16.2 million shares of common stock outstanding.
Uncharacteristically, investors didn’t like the split and traded down the company’s shares minutely by 0.03 cents, or 0.15 percent, to close at $20.09 in Nasdaq trading on Friday.