Pier 1 Imports, Inc. Announces One-for-Twenty Reverse Stock Split
Common Stock to Begin Trading on a Split-Adjusted Basis at Market
Following the annual meeting, Pier 1’s Board of Directors formally
authorized a 1-for-20 reverse stock split of Pier 1’s common stock which
will be effective at
The objective of the reverse stock split is to enable Pier 1 to regain
compliance with the
The reverse stock split will reduce the number of shares of common stock issued and outstanding from approximately 84,990,884 to approximately 4,249,544. The authorized number of shares of common stock will be reduced by a corresponding ratio to 25 million. The reverse stock split affects all issued and outstanding shares of the Company’s common stock and shares held in treasury, as well as the number of shares of common stock available for issuance under the Company’s stock incentive plans and outstanding awards subject to those plans. The reverse stock split affects all shareholders uniformly and will not alter any shareholder’s percentage interest in the Company’s common stock, except for adjustments that may result from the treatment of fractional shares as described below.
No fractional shares will be issued as a result of the reverse stock split. In lieu thereof, the Company’s transfer agent will aggregate all fractional shares and sell them as soon as practicable after the effective time at the then-prevailing prices on the open market. After the transfer agent’s completion of such sale, shareholders who would have been entitled to a fractional share as a result of the reverse stock split will instead receive a cash payment from the transfer agent in an amount equal to their respective pro rata share of the total proceeds of that sale, net of any brokerage costs incurred by the transfer agent to sell such fractional shares.
Additional information regarding the reverse stock split can be found in
the Company’s Definitive Proxy Statement filed with the
Financial Disclosure Advisory
Except for historical information contained herein, the statements in
this press release or otherwise made by our management in connection
with the subject matter of this press release are forward-looking
statements (as such term is defined in the Private Securities Litigation
Reform Act of 1995) and involve risks and uncertainties and are subject
to change based on various important factors. This press release
includes forward-looking statements that are based on management’s
current estimates or expectations of future events or future results.
These statements are not historical in nature and can generally be
identified by such words as “believe,” “expect,” “estimate,”
“anticipate,” “plan,” “may,” “will,” “intend” and similar expressions.
Management’s expectations and assumptions regarding future results are
subject to risks, uncertainties and other factors that could cause
actual results to differ materially from the anticipated results or
other expectations expressed in the forward-looking statements included
in this press release. These risks and uncertainties include, but are
not limited to: potential volatility in the price of the Company’s
common stock following the reverse stock split, the Company's ability to
comply with the continued listing criteria of the
Founded with a single store in 1962,
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