ARLINGTON, Va., Feb. 5, 2013 (GLOBE NEWSWIRE) -- FBR & Co. (Nasdaq:FBRC) (the "Company"), a leading investment bank serving the middle market, announced today that it will effect a 1-for-4 reverse stock split (the "Reverse Stock Split") of the Company's issued and outstanding shares of common stock, par value $0.001 per share (the "Common Stock"), effective at 9:00 a.m., Eastern Time, on February 28, 2013 (the "Effective Time").
As a result of the reverse stock split, every four shares of the Company's Common Stock issued and outstanding immediately prior to the Effective Time will be combined into one share of Common Stock. The Company will not issue fractional shares of common stock. Instead, if a fractional interest in a share of Common Stock would be deliverable to a shareholder pursuant to the Reverse Stock Split, the Company shall pay an amount in cash equal to the product of (i) the fractional share interest otherwise issuable to such shareholder as a result of the Reverse Stock Split, multiplied by (ii) the product of (A) the volume weighted average price of the Company's Common Stock on the five trading days prior to the Effective Time, as reported by the NASDAQ Global Select Market, multiplied by (B) four.
After the Reverse Stock Split, the Company's shares will continue to trade on the NASDAQ Global Select Market under the symbol "FBRC" with the letter "D" added to the end of the trading symbol for a period of 20 trading days to indicate that the reverse stock split has occurred. The Company's registered shares of Common Stock trading on a split-adjusted basis on the NASDAQ Global Select Market will do so under a new CUSIP number ― 30247C 400. The Company's registered shares of Common Stock that were previously issued to accredited investors will have a new CUSIP number ― 30247C 509.