Chesapeake Energy Reverse Stock Split 1-for-200

The deed is done as of 5 pm today. Chesapeake Energy, with a stock price bumping around close to $0 (15 cents per share when we checked this morning), is doing a reverse stock split where the company will combine 200 shares of outstanding stock into a single share. The move is aimed at boosting the per-share price and preventing the company’s stock from being delisted from the New York Stock Exchange. Chesapeake recently hired “restructuring advisers” to help it navigate a looming debt default (see Chesapeake Energy Hires “Restructuring Advisers”).

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