TD Auto Finance has 45,947 shares of stock outstanding at a market price of $18.8 a...
TD Auto Finance has 45,947 shares of stock outstanding at a market price of $18.8 a share. What will be the market price per share if the company does a 1-for-5 reverse stock split?
Homework Answers
In a reverse stock split, the stocks are consolidated together
5 existing shares are merged into 1 new share
Hence, Number of new shares = 45947/5 = 9189
Market price of each share = 18.8*5 = $94
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