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Finance of America takes action in move to raise stock price

Finance of America (FOA), the leading U.S. reverse mortgage lender, has received shareholder approval upon recommendation of its board to perform a reverse stock split at a 10-to-1 ratio in a move designed to boost the company’s stock price. This is according to a company filing with the Securities and Exchange Commission (SEC) reviewed by HousingWire’s Reverse Mortgage Daily (RMD).

A reverse stock split involves consolidating the available shares in the market into fewer, higher-priced shares. Faced with the prospect of being delisted from the New York Stock Exchange (NYSE) due to noncompliance with the exchange’s listing standard, details ⇒

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