Forex Broker FXCM plans 1-for-10 reverse stock split
Foreign-exchange broker FXCM Inc. plans to cut by a factor of 10 the number of its shares outstanding, a move the company said is key to its effort to remain listed on the New York Stock Exchange.
Shareholders would have to approve the 1-for-10 reverse stock split announced Tuesday. A special meeting of shareholders has been scheduled for Sept. 21.
FXCM, one of the largest retail currency brokers in the world, provides online foreign-exchange trading, CFD trading, spread betting and related services. The New York-based broker lost millions of dollars this year after the Swiss National Bank removed its cap on the value of the Swiss franc. Leucadia National Corp.LUK, -0.73% rescued FXCM with an emergency $300 million lifeline.
Source: MarketWatch – Forex Broker FXCM plans 1-for-10 reverse stock split
