Homework Answers
3-for-1 reverse stock split implies, for every 1 stock held, post event you would hold 3 stocks. So, for 360,000 shares outstanding, you would have 120,000 shares outstanding post split.
However, this does not changes the overall market value of firm
Market value pre split = Market value post split
360,000 * $28.17 = 120,000 * Share price post split
Share price post split = 3 * $28.17
Share price post split = $84.51
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