NEW YORK — Alcoa Inc. (AA) has completed a reverse stock split of its common stock at a ratio of 1 for 3 and a proportionate reduction in the number of authorized shares of its common stock, from 1,800,000,000 shares to 600,000,000 shares.
Shares were trading at $31.73 mid-morning, up 53 cents.
The reverse stock split and authorized share reduction were approved by Alcoa shareholders at a special shareholder meeting yesterday.
Alcoa Inc. common stock will continue to trade on the New York Stock Exchange under the symbol “AA,” although a new CUSIP number (013817507) has been assigned to it as a result of the reverse stock split.
No fractional shares have been issued in connection with the reverse stock split. Shareholders otherwise entitled to receive fractional share(s) as a result of the reverse stock split will receive cash payments in lieu of such shares.