Broadway Financial says 1-for-8 reverse split effective on November 1

Broadway Financial, parent company of City First Bank, National Association, announced the terms of the company’s previously disclosed reverse stock split. Authorization for the reverse split was approved by stockholders at Broadway’s annual meeting on June 21 and on September 20 the board of directors selected a reverse split ratio of 1-for-8 shares pursuant to the authorization approved by stockholders. The reverse split will be effective at 12:01 a.m. Eastern Time on November 1 for all outstanding shares of Broadway’s three classes of common stock: Class A common stock, Class B common stock, and Class C common stock. The company’s Class A common stock will continue to trade under the symbol “BYFC” and is expected to begin trading on the Nasdaq Capital Market on a split-adjusted basis on November 1, the company said.