12/1/2011 11:00:00 AM
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1 for 300 Move Aimed at Boosting Sharesâ€™ Price
YRC Worldwideâ€™s shareholders approved a reverse split that would boost its per-share price by rolling each 300 shares held into one share.
As a result, the less-than-truckload carrierâ€™s outstanding shares would drop to about 6.8 million from nearly 2 billion, the company said.
The vote authorizes YRCâ€™s board to make the change, which could raise the stock to about $12 per share, from the 3 cents per share closing price Wednesday.
A stock price increase removes the prospect of delisting on the Nasdaq National Market, which YRC faced because its stock had fallen below $1 a share for 30 days.
The split will be effective on the Nasdaq on Friday, when its ticker symbol will change temporarily from to â€œYRCWD,â€� from â€œYRCW.â€� It will revert back to YRCW on Jan. 3.
YRC Worldwide is ranked No. 4 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.
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