Altisource announces shareholder approval of reverse stock split

Altisource (ASPS) Portfolio Solutions’ shareholders have overwhelmingly approved a reverse stock split at the Company’s Extraordinary General Meeting of Shareholders held on May 13. Pursuant to the Share Consolidation, every eight shares of the Company’s common stock will be consolidated into one share of common stock, reducing the total number of outstanding shares from 88,951,925 to approximately 11,118,990. The Share Consolidation is scheduled to become effective on May 28, 2025, subject to the completion of required administrative procedures. No fractional shares will be issued in connection with the Share Consolidation. Instead, any fractional shares resulting from the Share Consolidation will be redeemed by the Company for cash at the closing price of the Company’s common stock on May 27, the last trading day prior to the Share Consolidation effective date. Shareholders who wish to avoid receiving cash for fractional shares must ensure their holdings are in amounts divisible by eight prior to market close on May 27. Shareholders holding shares through a bank, broker, or other nominee are encouraged to contact their financial intermediary to determine the best way to adjust their holdings if needed. Proceeds from the redemption of fractional shares will be distributed to affected shareholders on a pro rata basis and without interest. The Share Consolidation is intended to help the Company regain compliance with the Nasdaq Global Select Market’s $1.00 minimum bid price requirement.