The McClatchy Co., the parent of the Observer and other media properties, on Tuesday said it completed a previously announced 1-for-10 reverse stock split of its Class A and Class B common stock.
The Sacramento, Calif.-based company announced plans for the split in March in an effort to boost its stock price after receiving warnings that it could be delisted from the New York Stock Exchange for its low share price.
McClatchy shares were up 1.74 percent in early afternoon trading to $11.70.
The Class A shares began trading Tuesday on a split-adjusted basis under the same ticker symbol “MNI.” The Class B shares are not publicly traded.
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