Revlon Inc. on Tuesday effected a 1-for-10 reverse stock split that cuts the number of its Class A and Class B shares by 90 percent and will make it easier for the beauty firm to comply with New York Stock Exchange minimum price standards. With the split, the number of Class A outstanding shares has been cut to about 48.2 million from 481.9 million and those in Class B to about 3.1 million from 31.3 million.
The plan was approved by Revlon’s board and its principal owner, MacAndrew & Forbes, owned by Revlon chairman Ronald Perelman, in April. At the time, Revlon president and chief executive officer David Kennedy said the move would make the stock “more attractive to a broader range of institutional and other investors” and satisfy the NYSE’s requirement that its share price not fall below $1 for 30 consecutive trading days. Prior to the split, Revlon’s Class A shares had ranged from a high of $1.45 on Sept. 2 to a low of 67 cents on July 16. On Tuesday, following the split, they opened at $10.51 and closed at $12.95, up 22.8 percent, in NYSE trading.
"I think that all anyone really wants in life is to have people understand us for who we actually are, despite everything," says Ruth Negga. The actress talks "Preachers" season 2 and more on WWD.com. #wwdeye (📷: Dan Doperalski)
"That's something that resonates with me too because I'm so locked into a number. If I go over that number it completely ruins my day so it's nice to get detached from the number on the scale." - Chelsea Handler on Kelly LeVeque's book "Body Love." #wwdeye (📷: John Salangsang)