Horizon Bancorp Inc.'s board declared a 3-for-2 stock split on the company's authorized common stock.
The company also amended its articles of incorporation, increasing the number of authorized common shares to 99 million from 66 million, to reflect and accommodate the stock split. The amendment took effect May 16.
Stockholders of record as of May 31 are expected to receive an additional half share for each common share held June 15. Horizon common shares are anticipated to start trading on a split-adjusted basis on or about June 18 or such other date that Nasdaq specifies.
Shareholders will receive cash in lieu of any fractional common share that they otherwise would have been entitled to receive in connection with the split. Meanwhile, stockholders taking part in the company's dividend reinvestment and stock purchase plans will have fractional common shares credited to their accounts.
The stock split will increase the outstanding shares of the Michigan City, Ind.-based company to roughly 38.4 million shares, from about 25.6 million shares before the split.
