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.
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