Pier 1 Board Initiates Reverse Stock Split

At Pier 1 Imports’ 2019 annual meeting of shareholders held on June 19, shareholders authorized a reverse stock split at a ratio of 1-for-5, 1-for-10 or 1-for-20, and a reduction in the number of authorized shares of common stock by a corresponding ratio.

The authorization empowered the board to execute the stock split as it might see fit, at any time prior to the company’s 2020 shareholders meeting. Immediately following the meeting, the board formally authorized a 1-for-20 reverse stock split effective at 12:01 a.m. on June 20.

The reverse stock split objective, the company noted, is to enable Pier 1 to regain compliance with the NYSE minimum share price continued listing rule and maintain its listing on the NYSE.