Server and services vendor Unisys has turned in a relatively decent quarter in Q3, thanks to a mainframe upgrade cycle coming at a particularly weak time for the server racket and the ongoing cost cutting manoeuvers from chairman and chief executive officer, Ed Coleman, who was hired last year to turn the company around. In the …
"Unisys did a 10-to-1 reverse stock split in early October to try to gussy up its shares. And to help calm the nervousness of shareholders and customers alike, Unisys also did a complex dance to rejigger its debts. During the quarter, Unisys issued 5.5 million of the new common stock shares and used $55m in cash as part of its debt exchange."
So they issued 5.5 million new shares, then waved their magic wand and made them .55 million shares, or did they do the reverse split and then spill out 5.5 million new pieces of paper? I love high finance, don't you?
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