Company’s trading symbol is expected to change to ‘CIBHD’ and will remain as such for a period of 20 trading days, after which it will revert back to the original symbol of ‘CIBH’.
Company will pay cash in lieu of issuing fractional shares in connection with the reverse split.
Company expects to pay out less than $5,000 in the aggregate for fractional share interests.
“We anticipate that this split will increase the market price per share and make our stock more acceptable to a wider set of brokers, thereby improving the marketability and liquidity of our stock. Our shareholders strongly supported this initiative at our Annual Meeting of Shareholders held on April 30, 2020, and I am pleased that we have been able to accomplish this for our shareholders,” said J. Brian Chaffin, President and CEO.