This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Bank Of Virginia Announces Reverse Stock Split

MIDLOTHIAN, Va., Oct. 3, 2012 (GLOBE NEWSWIRE) -- Bank of Virginia (the "Bank") (Nasdaq:BOVA) ( www.bankofva.com ), today announced a 1-for-5 reverse stock split of its shares of common stock, which will be effected just prior to market open on October 4, 2012. The reverse stock split was previously approved by the Bank's shareholders at the Annual Meeting of Shareholders held on June 28, 2012.

As a result of the reverse stock split, every five shares of common stock issued and outstanding prior to the opening of trading on October 4, 2012 will be consolidated into one issued and outstanding share. The reverse stock split reduces the number of issued and outstanding shares of common stock from 15,494,849 shares to 3,098,970 shares. No fractional shares of common stock will be issued as a result of the reverse stock split, and any fractional shares will be paid in cash. Proportional adjustments will be made to the Bank's outstanding stock options. The Bank's authorized shares will remain unchanged.

The reverse stock split is intended to increase the per share trading price of the Bank's shares of common stock to satisfy the $1.00 minimum bid price requirement for continued listing on the NASDAQ Capital Market. As previously announced, in order to maintain the Bank's listing on NASDAQ, on or before October 29, 2012, the Bank's common stock must have a closing bid price of $1.00 or more for a minimum of 10 consecutive trading days prior to October 29, 2012. There can be no assurance that the reverse stock split will have the desired effect of raising the closing bid price of the Bank's common stock prior to October 29, 2012, to meet this requirement.

Trading of the Bank's shares of common stock on the NASDAQ Capital Market will continue, on a split-adjusted basis, with the opening of the markets on Thursday, October 4, 2012, under new CUSIP number 06544P 203. The Bank's shares will continue to trade on the Nasdaq Capital Market under the symbol "BOVA".

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 17,712.66 +34.43 0.19%
S&P 500 2,061.02 +4.87 0.24%
NASDAQ 4,891.2190 +27.8570 0.57%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs