DWDP Dowdupont Inc.

   By Stephen Nakrosis 
 

DowDuPont Inc. (DWDP) on Thursday said the company's shareholders approved a reverse stock split, which the board of directors set at 1-for-3.

The company said it expects the reverse split to take place June 1. If carried out, each holder will receive one new share for each three shares of DowDuPont stock held, receiving cash in lieu of any fractional shares.

DowDuPont said the move is intended to increase the market price of its common stock in connection with the planned distribution of all common shares of its wholly owned subsidiary, Corteva, Inc., to holders of the company's common stock.

The company also confirmed that it will change its name to DuPont de Nemours, Inc., doing business as "DuPont," on June 1. The company's common stock is expected to trade on the New York Stock Exchange under the ticker symbol "DD" beginning June 3.

DowDuPont is a holding company comprised of the future Corteva Agriscience and DuPont. The two are expected to separate on June 1.

--Write to Stephen Nakrosis at stephen.nakrosis@wsj.com

(END) Dow Jones Newswires

May 23, 2019 16:55 ET (20:55 GMT)

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