Such a move would be similar to
(C - Get Report)
1 for 10 reverse split announced in 2011, which pushed shares from the $4 level to the mid-$40's.
Gleacher's prospective delisting reflects Wall Street's struggles, amid a tepid M&A and trading environment. Earlier in 2012,
shuttered their doors.
Meanwhile, activist investors have called for big compensation change at
(LAZ - Get Report)
wound up in the arms
of a more financially stable partner,
Gleacher & Co., which carries the name of Eric Gleacher - a former top M&A banker at
-- is one of a handful of banking and trading startups since the late 1980s. Other firms include
Greenhill & Co.
(GHL - Get Report)
Wasserstein & Co.
-- named after the late Bruce Wasserstein -
(EVR - Get Report)
and more recently,
Moelis & Co.
While Wall Street's woes are reflected in the struggles of independent investment banking firms like Gleacher & Co., amid tepid business for M&A, underwriting and trading, it's unlikely to draw the attention of larger 'too big to fail' investment banks.
Those firms nearly pulled the economy into depression when trading bets on the real estate market soured in 2007 and 2008.
For more on financial sector disclosures, see why
-- Written by Antoine Gara in New York