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Four Oaks Fincorp board tweaks reverse stock split proposal

The boardof directors of Four Oaks, N.C.-based Four Oaks Fincorp Inc. made amendments to a previouslyproposed 1-for-5 reversestock split of its authorized, issued and outstanding common shares, whichparticularly relates to how fractional shares from the split will be addressed.

Theprevious proposal provided for the issuance of fractional shares under thereverse stock split where holders of common stock, who otherwise would beentitled to receive fractional shares because they hold a number of commonshares prior to the reverse stock split that is not evenly divisible by five,will automatically be entitled to receive an additional fraction of a commonshare to round up to the next whole post-split share.

The companyhas 80 million authorized common stock, with 33,787,081 shares issued andoutstanding, and 2,083,756 shares reserved for issuance. Post-split, thecompany will have 16 million authorized common shares with 6,757,416 sharesissued and outstanding and 416,751 shares reserved for issuance.