Office Depot Sets Reverse Stock Split

With an effective date of June 30, Office Depot’s board of directors has approved a reverse stock split of the company’s common stock at a ratio of 1-for-10.

The company’s shareholders approved the reverse stock split at the annual shareholders’ meeting held on May 11, with the exact ratio and effective timing to be determined by the board.

Office Depot will not issue fractional shares in connection with the reverse stock split, so shareholders of record who would have otherwise received a fractional share will instead get a cash payment.