Altisource Announces Shareholder Approval of Reverse Stock Split and Treatment of Fractional Shares

Core Points - Altisource Portfolio Solutions S.A. announced a reverse stock split approved by shareholders, consolidating every eight shares into one, reducing outstanding shares from approximately 88.95 million to about 11.12 million [1][2] - The reverse stock split is set to take effect on May 28, 2025, following necessary administrative procedures [2] - Shareholders must hold shares in multiples of eight by market close on May 27, 2025, to avoid receiving cash for fractional shares [3][4] - Fractional shares will be redeemed for cash at the closing price on May 27, 2025, and proceeds will be distributed pro rata without interest [3][4] - The consolidation aims to help the company comply with Nasdaq's minimum bid price requirement of $1.00 [5] Share Consolidation Details - The reverse stock split will reduce the total number of outstanding shares significantly, which is a strategic move to enhance the company's stock price [2][5] - The company has filed a definitive proxy statement with the U.S. Securities and Exchange Commission detailing the rationale and effects of the share consolidation [5] Shareholder Actions - Shareholders are encouraged to check with their financial intermediaries to ensure their holdings are in amounts divisible by eight to avoid cash-out for fractional shares [4] - The company will handle fractional shares by redeeming them for cash, ensuring that shareholders are informed of the process [3][4]