Stock

Chesapeake shareholder meeting for reverse split planned for Monday (NYSE:CHK)

Chesapeake Energy (NYSE:CHK) sets April 13 for a special shareholder meeting to approve the details of its proposed reverse stock split.

The company’s reverse stock split proposal includes ratios within a range of 1-for-50 and 1-for-200; if shareholders approve the plan, the final ratio will be determined by the board, and shares would begin trading on a split-adjusted basis at the open on April 15.

Chesapeake shares have fallen well below the NYSE’s minimum $1 bid price to satisfy the exchange’s listing standards, and the reverse split is intended to raise the share price and maintain compliance.