Contact us by phone: 561 450-8258. Contact us by email.

BankAtlantic executes reverse stock split

By Palm Beach Business.com

FORT LAUDERDALE — BankAtlantic completed a one-for-five reverse stock split as of the close of Friday’s trading. The split effectively consolidates five shares of BankAtlantic's  common stock into one share.

Fractions of shares resulting from the reverse split will be rounded up to the next largest whole share. BankAtlantic shares will begin trading on a split-adjusted basis on the New York Stock Exchange when the market opens on Monday. The shares, which trade under the symbol, BBX, closed Friday at 44 cents a share, down a penny.

The reverse stock split has no impact on shareholders’ proportionate holdings  or voting.  American Stock Transfer and Trust Co., the transfer agent for BankAtlantic will send shareholders instructions for the exchange of stock certificates.

Shareholders who hold shares in brokerage accounts will be contacted by their brokers with instructions. Shareholders should not destroy any stock certificates and should not submit any certificates for exchange until requested to do so.