FORT WORTH, Texas (AFX) - Insurance company Hallmark Financial Services Inc. said Friday it will conduct a 1-for-6 reverse split on all common stock at the open of trading Monday.
After the split, the company will have 33.3 million shares of authorized common stock, of which nearly 17.8 million will be outstanding. The company also said it is increasing the par value of its common stock to 18 cents per share from 3 cents.
Shares of Hallmark Financial fell 6 cents, or 3.2 percent, to close at $1.84 on the American Stock Exchange.
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