This is usually the kiss of death. They probably did this only so they would not be delisted as was about to drop below $1 pre split.
Frontier Communications Corp. (FTR) filed a Form 8K - Changes to Articles of Incorporation or Bylaws; Change in Fiscal Year - with the U.S Securities and Exchange Commission on July 10, 2017. On July 5, 2017, Frontier Communications Corporation filed a Certificate of Amendment of the Restated Certificate of Incorporation (the "Certificate of Amendment") with the Secretary of State of the State of Delaware to (i) effect a reverse stock split of the issued shares of Frontier common stock at a ratio of one share for fifteen shares and (ii) reduce the total number of shares of common stock that Frontier is authorized to issue from 1,750,000,000 to 175,000,000. By its terms, the Certificate of Amendment became effective at 12:01 a.m., Eastern Time, on July 10, 2017 (the "Effective Time"). As previously disclosed, Frontier's stockholders and the Board of Directors approved the reverse stock split on May 10, 2017. Upon the Effective Time, each fifteen shares of Frontier common stock were automatically converted into one share of common stock, without any change in the par value per share. No fractional shares were issued as a result of the reverse stock split. Any stockholder who otherwise would be entitled to a fractional share will receive, in lieu thereof, a cash payment (without interest) in an amount equal to the market value of the fractional share to which the stockholder would otherwise be entitled. The process to be used to implement the payment of cash for fractional shares is set forth under the heading "Treatment of Fractional Shares" on pages 70 71 in Frontier's 2017 proxy statement, filed with the SEC on March 28, 2017. Pursuant to the terms of the Certificate of Designations for Frontier's 11.125% Mandatory Convertible Preferred Stock, Series A, the conversion rate at which shares of preferred stock will be converted into shares of common stock will be proportionately adjusted to reflect the reverse stock split. Trading in Frontier's common stock will continue on the Nasdaq Global Select Market on a post-split basis under the symbol "FTR," although it is considered a new listing and has a new CUSIP number (35906A 306). The foregoing description of the Certificate of Amendment is qualified in its entirety by reference to the full text of the Certificate of Amendment, which is attached hereto as Exhibit 3(i).
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