Puerto Rico-based First BanCorp (FBP.N) said it would implement a one-for-15 reverse stock split of its shares to regain compliance with listing rules on the New York Stock Exchange. The U.S. regional lender, which has traded under a dollar since the end of June, received a non-compliance notice from the exchange on July 9 last year and had six months to regain compliance. The reverse split may also help the bank in its proposed $350 million capital raise, Keefe Bruyette and Woods analyst Bain Slack told Reuters.
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