Synovus Financial Effects 1-for-7 Reverse Stock Split

(RTTNews) - Synovus Financial Corp. (SNV) said Friday that the previously announced one-for-seven reverse stock split of the company's common stock, par value $1.00 per share, became effective at 4:15 p.m. EDT on May 16.

Synovus' common stock will begin trading on a split adjusted basis on the New York Stock Exchange at the opening of trading on May 19.

Synovus shareholders will receive one new share of Synovus common stock for every seven shares of Synovus common stock they held at the effective time of the reverse stock split.

Concurrently with the effectiveness of the reverse stock split, the number of Synovus' authorized shares of common stock was proportionally reduced from 2.4 billion shares to about 342.9 million shares.