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Pier 1 undergoes reverse stock split; shares slip

Thursday, June 20, 2019 11:10

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Pier 1 Imports Inc (NYSE:PIR) stock spiked after the home goods retailer underwent a 20-to-1 stock split Thursday.

A split allows the company to remain compliant with the NYSE’s minimum share price rules.

The split-adjusted share price jumped from Wednesday’s close of $0.68 to a Thursday open of $11.99.

The stock jumped as high as $13.10 Thursday morning before slipping to $11.82.

READ: Pier 1 hires debt restructuring lawyers, says Reuters; shares plummet

The company can regain compliance so long as it has a closing price of at least $1 at the end of any calendar month and an average closing price of at least $1 over the proceeding 30 days.

The split shrinks the total number of shares to about 4.2 million from almost 85 million.

Pier 1 operates 965 home decor and accessories stores in the US and Canada.

Contact Andrew Kessel at [email protected]

Follow him on Twitter @andrew_kessel

Story by ProactiveInvestors

Source: https://www.proactiveinvestors.com/companies/news/222525/pier-1-undergoes-reverse-stock-split-shares-slip-222525.html

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