Frontier Communications Corporation (NASDAQ: FTR) board of directors has made a determination that it will set a reverse stock split ratio at 1-for-15 if stockholders approve the reverse stock split proposal that is now before them and, following such approval, the board decides to proceed with the reverse stock split, the company said.
The board made its determination after considering a number of factors, including the recommendation of the company´s financial advisor, target pricing, and feedback from stockholders and commentators.
In addition to the reverse stock split, the proposal before Frontier stockholders would reduce the authorized number of shares of common stock from 1,750,000,000 to 175,000,000.
Frontier Communications provides communications services to urban, suburban, and rural communities in 29 states. Frontier offers a variety of services to residential customers over its fiber-optic and copper networks, including video, high-speed internet, advanced voice, and Frontier Secure digital protection solutions. Frontier Business Edge offers communications solutions to small, medium, and enterprise businesses.