GMX Resources Shareholders Approve Reverse Stock Split Proposal; Shares Up 2%, But Near Low

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GMX Resources Inc. ( GMXR ) shareholders granted its board of directors the discretionary authority to amend GMXR's Certificate of Incorporation to effect a reverse stock split of the company's common stock, par value $0.001 per share.

The proposal calls for the split to combine a whole number of outstanding shares of Common Stock in a range of not less than five shares and not more than 13 shares, into one share of Common Stock at any time prior to January 31, 2013.

GMXR is up 1.6% at $0.65 in a 52-week range of $0.45 - $2.22. Shares have fallen 50% in the last 12 months.

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This article appears in: Investing , Commodities

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