Chesapeake investors vote for reverse stock split to boost share prices [Reuters]
Chesapeake Energy Corporation (CHK)
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Source: Reuters
Chesapeake investors vote for reverse stock split to boost share prices April 13 (Reuters) - Chesapeake Energy Corp shareholders on Monday voted in favor of a reverse stock split, a move that is expected to boost the debt-laden shale producer’s share price to avoid a delisting that could trigger calls for some immediate debt repayment. Creditors holding more than $1 billion of Chesapeake debt have the right to demand that the company repurchase their notes if shares are removed from the New York Stock Exchange (NYSE), according to the company’s annual regulatory filing in February. Nearly 76% of the total votes cast at Chesapeake's meeting were in favor of the reverse stock split, which the board subsequently decided will be set at 1:200, while 23% voted against, the company said bit.ly/2K0wdEG. The remaining votes were abstentions. After the reverse stock split becomes effective on Tuesday, 22.5 million shares of Chesapeake will trade on the NYSE. The reverse stock split would help b
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