Supervalu will institute a 1-for-7 reverse split of its common stock, effective as of the close of business on August 1.
At the company’s annual meeting of stockholders on July 19, Supervalu’s stockholders authorized the board of directors to amend the Restated Certificate of Incorporation of the company to effect a reverse stock split at a ratio in the range of 1-for-5 to 1-for-7.
Beginning on August 2, the company’s common stock will trade on the NYSE on a split-adjusted basis. Supervalu’s common stock will continue to trade on the NYSE under the symbol “SVU.”
Supervalu has annual sales of approximately $12 billion and reaches customers across the U.S. through a network of more than 2,300 locations.