YRC Worldwide surges with 1:300 Reverse Split

YRC Worldwide Inc. (NASDAQ:YRCWD) shares opened at $9 this morning and are currently trading at the high of the trading session at $11 for an augmented gain of 13.17% from yesterday’s close in relation to outstanding shares/price ratio. Get my next ALERT 100% FREE

Stockholders of YRCW voted to approve a reverse stock split at their annual meeting Wednesday. The ratio approved was 1:300, according to an YRC news release. The reverse split took effect Friday on the NASDAQ exchange, when the company’s ticker symbol temporarily changed from YRCW to YRCWD, in accordance with rules. The ticker symbol will revert back to YRCW on January 3.

The reverse split will reduce the number of authorized common shares to about 33.3 million from the current 10 billion and reduce the number of outstanding common shares to about 6.8 million from the current 2 billion, the release states.

“The reverse stock split is an important step in bringing the company into compliance with NASDAQ listing rules and enhances our position as a publicly held company,” James Welch, YRC chief executive officer, said in the release. “Now we can turn our attention on serving our customers and providing them with exceptional service.”