Arlington Asset Investment (NYSE:AL) reported that its Board of Directors determined to effect a 1-for-20 reverse split of its Class A and Class B common stock, pursuant to previously obtained shareholder authorization. The reverse stock split will be effective at 5:00 pm, Eastern Time, on Tuesday October 6, 2009.
The Company's common stock will begin trading on the New York Stock Exchange on a split adjusted basis when the market opens on October 7, 2009 under its existing symbol "AI".
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Arlington Asset Investment (NYSE:AL) common stock will begin trading on the New York Stock Exchange on a split adjusted basis when the market opens on October 7, 2009 under its existing symbol "AI". The reverse split will reduce the number of shares of the Company's common stock outstanding from approximately 160 million to approximately 8 million. Proportional adjustments will be made to outstanding stock options and other equity incentive awards and equity compensation plans. The number of authorized shares of common stock will not change. Upon the effectiveness of the reverse stock split, each twenty shares of issued and outstanding common stock will be converted into one share of common stock. The company will not issue fractional shares and shareholders will receive a cash payment for fractional shares based on the split-adjusted average price of the Class A common stock before the effective time. Arlington Asset Investment (NYSE:AL) invests in mortgage-related assets and merchant banking opportunities. Arlington Asset Investment (NYSE:AL) is headquartered in the Washington, D.C. metropolitan area. The reverse split will reduce the number of shares of common stock outstanding from approximately 160 million to approximately 8 million. Proportional adjustments will be made to outstanding stock options and other equity incentive awards and equity compensation plans. The number of authorized shares of common stock will not change. Upon the effectiveness of the reverse stock split, each twenty shares of issued and outstanding common stock will be converted into one share of common stock.
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