GMX Resources Mulls Reverse Stock Split; Shares Plunge 22%, Hit 52-Week Low

By Midnight Trader,  October 11, 2012, 12:51:54 PM EDT

Oil and gas company GMX Resources Inc. ( GMXR ) is down 22% to $0.523, off a new 52-week low of $0.51 it hit earlier today.

Trading activity follows yesterday's announcement that GMXR will will hold a special meeting of the shareholders regarding a reverse stock split. The proposed split would be in a range of not less than 1-for-5 shares and not more than 1-for-13 shares. The proposal will not include any change the number of authorized shares of our common stock.

Shares of GMXR are trading within a 52-week range of $0.51 - $2.62.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Commodities

Referenced Stocks: GMXR



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