Foreign-exchange broker FXCM Inc. plans to cut by a factor of 10 the number of its shares outstanding, a move the company said is key to its effort to remain listed on the New York Stock Exchange.
Shareholders would have to approve the 1-for-10 reverse stock split announced Tuesday. A special meeting of shareholders has been scheduled for Sept. 21.
FXCM, one of the largest retail currency brokers in the world, provides online foreign-exchange trading, CFD trading, spread betting and related services. The New York-based broker lost millions of dollars this year after the Swiss National Bank removed its cap on the value of the Swiss franc. Leucadia National Corp.
rescued FXCM with an emergency $300 million lifeline.
View more information: https://www.marketwatch.com/story/forex-broker-fxcm-plans-1-for-10-reverse-stock-split-2015-07-21