On December 11, 2019, Amira Nature Foods announced its Board of Directors had approved a 20:1 reverse stock split of ordinary shares on December 4, 2019. The shares will begin trading on a split adjusted basis on December 20, 2019. The company was formed under the laws of the British Virgin Islands and its stock is listed on the New York Stock Exchange under the ANFI symbol.
Each 20 pre-split shares of ANFI ordinary stock will automatically combine into one ordinary share without action on behalf of the shareholder. The action will reduce the number of outstanding ordinary shares from 44,421,835 to roughly 2,221,091. While the company’s ordinary shares will continue trading on the New York Stock Exchange under the symbol “ANFI”, they will trade under a new CUSIP number.
The intended goal of the reverse spit is to increase the market price per share so the company can maintain its NYSE listing. Fractional shares will not be issued. Shareholders who are entitled to a fractional share will receive an additional fractional share of the company’s ordinary shares to round up to the next whole share.
Additional details can be found here.