MEXICO CITY-Mexican mobile company Grupo Iusacell announced details of a reverse split of its stock. Iusacell said its Series A and Series V shares will be exchanged Dec. 19 for new common, ordinary, registered shares with no par value at a ratio of 20 Series A or Series V shares to one new share.
Iusacell will not issue fractional shares. Fractions of new shares will be paid at a price equal to the opening market price quoted on the Mexican Stock exchange Oct. 17 for each of the Series A or Series V shares.
The exchange is subject to required approvals from the Mexican National Securities and Banking Commission.
