Frontier Communications Announces Completion of Reverse Stock Split
July 10 2017 - 8:00AM
Business Wire
Frontier Communications Corporation (NASDAQ:FTR) today announced
the completion of its 1-for-15 reverse stock split of the issued
shares of common stock, which became effective as of the beginning
of trading today. Frontier common stock will continue to trade on
the Nasdaq Global Select Market under the symbol “FTR” with a new
CUSIP number (35906A 306). In addition, and at the same time, the
total number of shares of common stock that Frontier is authorized
to issue changed from 1,750,000,000 shares to 175,000,000
shares.
As previously disclosed, at the effective time, each fifteen
shares of Frontier common stock were automatically converted into
one share of common stock, without any change in the par value per
share. No fractional shares were issued as a result of the reverse
stock split. Any stockholders who otherwise would be entitled to a
fractional share will receive, in lieu thereof, a cash payment
(without interest) in an amount equal to the market value of the
fractional share to which the stockholder would otherwise be
entitled. The process to be used to implement the payment of cash
for fractional shares is set forth under the heading “Treatment of
Fractional Shares” on pages 70 – 71 in Frontier’s 2017 proxy
statement, filed with the SEC on March 28, 2017.
Stockholders who hold their shares in brokerage accounts or
“street name” are not required to take any action to effect the
exchange of their shares. Holders of share certificates will soon
receive instructions from Frontier’s transfer agent, Computershare
Investor Services, regarding the process for exchanging their
shares. Computershare Investor Services can be reached at (877)
770-0496 or http://www-us.computershare.com/investor/contact.
About Frontier Communications
Frontier Communications Corporation (NASDAQ:FTR) is a leader in
providing communications services to urban, suburban, and rural
communities in 29 states. Frontier offers a variety of services to
residential customers over its fiber-optic and copper networks,
including video, high-speed internet, advanced voice, and Frontier
Secure® digital protection solutions. Frontier Business Edge™
offers communications solutions to small, medium, and enterprise
businesses. More information about Frontier is available at
www.frontier.com.
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version on businesswire.com: http://www.businesswire.com/news/home/20170710005195/en/
Frontier Communications CorporationINVESTORS:Luke
Szymczak, 203-614-5044Vice President, Investor
Relationsluke.szymczak@ftr.comorMEDIA:Brigid Smith,
203-614-5042AVP, Corp. Comm.brigid.smith@ftr.com
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