Aiming to boost its sagging stock price, Hanmi Financial Corp. has completed a one-for-eight reverse stock split that will reduce its number of shares outstanding by 87%, to 31.5 million.
The shares, which had been trading at around $1 in recent months and peaked this year at $1.78, opened for trading at around $7.20 per share Monday.
The completion of the reverse split comes just weeks after Hanmi issued roughly 88 million new shares, at 80 cents each, in order to bolster its capital levels and provide it with additional funds to
In a news release late Friday, Hanmi's president and chief executive, Jay S. Yoo, said the reverse split "is an important step in making our common stock more attractive to institutional investors and reducing administrative costs related to the large number of shares outstanding."
