Peabody Energy Announces 1-For-15 Reverse Stock Split

(RTTNews) - Coal producer Peabody Energy Corp. (BTU) on Wednesday announced a 1-for-15 reverse stock split on shares of the company's common stock.

Authorization to implement the reverse stock split was approved by Peabody shareholders at a special meeting held earlier today.

The reverse stock split is expected to become effective at the close of business on September 30, which would result in Peabody's common stock to begin trading on a split-adjusted basis at market open on October 1.

Upon completion of the reverse stock split, every 15 shares of common stock owned by a shareholder will be combined into one share of common stock, and the number of outstanding shares will be reduced from about 278 million to about 19 million.