Unisys Corp. said its 1-for-10 reverse stock split becomes effective late Friday, and that shares will start trading on a post-split basis on Monday.
There are about 423 million shares of the technology services company's common stock outstanding, and there will be about 42.3 million shares outstanding after the split.
No fractional shares will be issued with the reverse stock split, which reduces the number of shares outstanding and increases the share price proportionately.
After the stock split, every 10 shares of issued and outstanding Unisys stock will be combined in one issued and outstanding share of common stock without any change in the par value of the shares.
Shares of Unisys declined 16 cents, or 5.7 percent, to $2.63 in afternoon trading.
