OUTFRONT Media Inc. has announced a reverse stock split, which will go into effect on January 17, 2025. Every shareholder will receive one new share for approximately every 1.024549 shares they currently hold. This reduction in the number of outstanding shares is designed to neutralize the dilutive effect of a special dividend that was paid on December 31, 2024. Post-split, the total outstanding shares will taper to around 165,985,890, nearly the same as before the dividend. Share value, authorized share count, and par value per share will remain the same. Shares will continue trading on the New York Stock Exchange under the symbol “OUT” with a new CUSIP number. Fractional shares resulting from the split will be compensated with cash payments.
Proper names: - OUTFRONT Media Inc. - New York Stock Exchange - Matthew Siegel (Executive Vice President and Chief Financial Officer)