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Central Federal Corp. resubmits reverse stock split proposal

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Central Federal Corp. resubmits reverse stock split proposal

Central Federal Corp. is re-proposing a reverse stock split that did not receive approval by a majority of shares in 2017.

The company is asking shareholders to grant the board discretionary authority to effect a reverse stock split of the company's common stock in a specific ratio ranging from 1-for-3 to 1-for-7, according to a proxy statement filed March 29.

The company proposed the same reverse split in 2017. It received a "significant majority" of votes but the board determined that 6.6 million votes should be classified as "broker non-votes," which meant it did not receive approval by a majority of shares.