ST. LOUIS, July 20, 2015 /PRNewswire/ -- Arch Coal,
Inc. ("Arch") (NYSE:ACI) today announced a one-for-ten reverse
stock split of Arch's common stock. Arch's stockholders
granted authority to the Arch Board of Directors to effect this
reverse stock split at the company's annual meeting of stockholders
on April 23, 2015. The reverse
stock split is expected to take place after market close on
July 27, 2015 (the "Effective
Time"). It also is expected that Arch's common stock will
begin trading on a split-adjusted basis on the New York Stock
Exchange ("NYSE") at the market open on July
28, 2015.
At the Effective Time, every ten issued and outstanding shares
of Arch's common stock, as well as treasury shares, will be
converted into one share of Arch's common stock. While Arch's
common stock will continue to trade on the NYSE under the symbol
"ACI," it will have a new CUSIP number following the effectiveness
of the reverse stock split. The reverse stock split will not
modify any rights or preferences of Arch's common stock. The
reverse stock split is intended to increase the market price per
share of Arch common stock to allow Arch to maintain the listing of
its common stock on the NYSE.
As a result of the reverse stock split, the number of
outstanding shares of Arch's common stock will be reduced from
approximately 213 million to approximately 21.3 million. No
fractional shares will be issued in connection with the reverse
stock split. Instead, stockholders who otherwise would
receive fractional shares will receive, in lieu of such fractional
shares, an amount of cash based on the volume weighted average
price of Arch's common stock for the date of the Effective
Time. Holders of Arch's common stock held in book-entry form
or through a bank, broker or other nominee do not need to take any
action in connection with the reverse stock split.
Stockholders of record will be receiving information from American
Stock Transfer & Trust Company, LLC, Arch's transfer agent,
regarding their stock ownership post-split. All other
questions can be directed to the transfer agent, American Stock
Transfer & Trust Company, LLC, who can be reached at (877)
248-6417 or (718) 921-8317.
U.S.-based Arch Coal, Inc. is one of the world's top coal
producers for the global steel and power generation industries,
serving customers on five continents. Its network of mining
complexes is the most diversified in the
United States, spanning every major coal basin in the
nation. Arch controls more than 5 billion tons of
high-quality metallurgical and thermal coal reserves, with access
to major railroads, inland waterways and a growing number of
seaborne trade channels. For more information, visit
www.archcoal.com.
Forward-Looking Statements: This press release contains
"forward-looking statements" – that is, statements related
to future, not past, events. In this context, forward-looking
statements often address our expected future business and financial
performance, and often contain words such as "expects,"
"anticipates," "intends," "plans," "believes," "seeks," or
"will." Forward-looking statements by their nature address
matters that are, to varying degrees, uncertain. For us,
particular uncertainties arise from changes in the demand for our
coal by the domestic electric generation industry; from legislation
and regulations relating to the Clean Air Act and other
environmental initiatives; from operational, geological, permit,
labor and weather-related factors; from fluctuations in the amount
of cash we generate from operations; from future integration of
acquired businesses; and from many other matters of national,
regional and global scale, including those of a political,
economic, business, competitive or regulatory nature. These
uncertainties may cause our actual future results to be materially
different than those expressed in our forward-looking
statements. We do not undertake to update our forward-looking
statements, whether as a result of new information, future events
or otherwise, except as may be required by law. For a
description of some of the risks and uncertainties that may affect
our future results, you should see the risk factors described from
time to time in the reports we file with the Securities and
Exchange Commission.
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SOURCE Arch Coal, Inc.