Pacific Drilling shareholders have approved a reverse stock split that will enable it to regain compliance with New York Stock Exchange (NYSE) listing rules.
The 1-for-10 split will be effective and Pacific Drilling shares will begin trading on a split-adjusted basis at the start of trading on Wednesday.
The number of outstanding common shares will be reduced from 225.5m to 22.5m with shareholders receiving one new share for every 10 shares they own.
Pacific
