As previously disclosed, the Company's shareholders approved the reverse stock split at the Annual Meeting of Shareholders of the Company held on May 11, 2020, with the exact ratio and effective time to be determined by the Board of Directors. Following shareholder approval, the Company's Board of Directors determined to effectuate the reverse stock split of the common stock at a 1-for-10 ratio and to proportionately decrease the number of authorized shares of common stock from 800,000,000 to 80,000,000.
No fractional shares will be issued in connection with the reverse stock split. Shareholders of record who would have otherwise been entitled to receive a fractional share as a result of the reverse stock split will instead receive a cash payment in lieu of such fractional shares.
Additional details will be contained in a Current Report on Form 8-K to be filed with the U.S. Securities and Exchange Commission upon the effectiveness of the reverse stock split.
About Office Depot, Inc.
Office Depot, Inc. (NASDAQ:ODP) is a leading provider of business services and supplies, products and technology solutions to small, medium and enterprise businesses, through a fully integrated B2B distribution platform of approximately 1,300 stores, online presence, and dedicated sales professionals and technicians. Through its banner brands Office Depot, OfficeMax, CompuCom and Grand&Toy, as well as others, the Company offers its customers the tools and resources they need to focus on their passion of starting, growing and running their business. For more information, visit news.officedepot.com and follow @officedepot on Facebook, Twitter and Instagram.
Office Depot is a trademark of The Office Club, Inc. OfficeMax is a trademark of OMX, Inc. CompuCom is a trademark of CompuCom Systems, Inc. Grand & Toy is a trademark of Grand & Toy, LLC in Canada. ©2020 Office Depot, Inc. All rights reserved. Any other product or company names mentioned herein are the trademarks of their respective owners.
© 2020 Business Wire
