FAO Declares Reverse Stock Split
FAO Inc. set to emerge from bankruptcy, announced its intention yesterday to declare a reverse split of its common stock with 15 existing shares combined into one new share effective last night.The move by the King of Prussia, PA-based toy marketer is one of the transactions contemplated by its bankruptcy reorganization plan.
When the market opens today, its Nasdaq trading symbol will be changed temporarily to FAOQD to reflect the reverse stock split, and will retain the "D" designation for 20 business days.
The company expects to emerge from bankruptcy, assuming all "conditions to effectiveness" of the reorganization plan are met. Following its emergence from bankruptcy, its Nasdaq trading symbol will drop the "Q" designation.
