- Each Common Share issued and outstanding immediately before the Effective Time will be automatically changed into one-fifth of a Common Share ("Post-Split Common Share");
- Each Non-Voting Common Share issued and outstanding immediately before the Effective Time will be automatically changed into one-fifth of a Non-Voting Common Share ("Post-Split Non-Voting Common Share"); and
- Any fractional share resulting from those changes will be rounded up to one whole Post-Split Common Share, or Post-Split Non-Voting Common Share, as the case may be. No shareholders will receive cash in lieu of fractional shares.
Porter Bancorp, Inc. (NASDAQ: PBIB), parent company of PBI Bank, today announced that its board of directors has approved a 1-for-5 reverse stock split of the Company's issued and outstanding Common Shares and Non-Voting Common Shares ("Reverse Stock Split"). The Reverse Stock Split will take effect at 5:00 p.m. eastern time on Friday, December 16, 2016 (the "Effective Time"). Porter Bancorp's Common Shares will begin trading on the NASDAQ Capital Market on a split-adjusted basis when the market opens on Monday, December 19, 2016. At the Effective Time: