Five Star Senior Living Inc.'s board approved a 1-for-10 reverse split of the company's common stock to regain compliance with the minimum $1 bid per share price requirement of Nasdaq.
The reverse split will be effective after the market closes Sept. 30, and the Newton, Mass.-based company's stock will begin trading on a split-adjusted basis Oct. 1.
Following the reverse split, the company's outstanding common shares will be reduced from about 50.8 million to approximately 5.1 million. This will not affect the number of authorized common shares.
Equiniti Shareholder Services will act as the exchange agent for the reverse split.
Five Star Senior Living is a skilled nursing care facilities company that owns, leases and manages senior living communities.
