In a bid to attract institutional investors and boost its flagging stock price, cosmetics company Revlon has approved a reverse split of the company's Class A and Class B common stock at a 1:10 split ratio.
Institutional money has shunned the stock as sub-par results and a dwindling share price have fallen well below the criteria set by many investors. The reverse split is scheduled for May or June and shareholders will receive one share for every 10 they hold, increasing the price 10-fold.