Terra Firma Capital Corp. is asking shareholders to vote on a reverse stock split at the annual shareholder meeting June 17.
Shareholders will receive 1 share after the consolidation for up to every 10 shares they currently hold. The final consolidation ratio will be determined by the board at a later date.
As of May 14, the company had about 57,200,830 common shares outstanding. If the consolidation occurs according to the maximum consolidation ratio, there will be 5,720,083 common shares outstanding. Fractional shares will be rounded down to the nearest whole share.