NORWALK, Conn.--(BUSINESS WIRE)--
Frontier Communications Corporation (NASDAQ: FTR) announced today that
its Board of Directors has made a determination that it will set the
reverse stock split ratio at 1-for-15 if stockholders approve the
reverse stock split proposal that is now before them and, following such
approval, the Board decides to proceed with the reverse stock split. The
Board made its determination after considering a number of factors,
including the recommendation of the Company’s financial advisor, target
pricing, and feedback from stockholders and commentators. In addition to
the reverse stock split, the proposal before Frontier stockholders would
reduce the authorized number of shares of common stock from
1,750,000,000 to 175,000,000.
Voting Matters
There are no changes to the previous proxy/voting instruction card. Stockholders
that have already voted do not need to take any action unless they wish
to change their vote.
Proxies/voting instructions already returned by stockholders will remain
valid and will be voted at the Annual Meeting, or at any adjournment or
postponement thereof, in the manner indicated unless the stockholder
revokes the proxy or changes the vote before the shares are voted at the
Annual Meeting. Shares represented by proxies returned before the Annual
Meeting, but for which no voting instructions have been provided, will
be voted in accordance with the Board’s recommendations as set forth in
the proxy statement dated March 28, 2017. Important information
regarding how to vote shares, revoke proxies or change voting
instructions already given is available in the proxy statement under the
caption “QUESTIONS AND ANSWERS ABOUT THE ANNUAL MEETING”.
About Frontier Communications
Frontier Communications Corporation (NASDAQ: FTR) is a leader in
providing communications services to urban, suburban, and rural
communities in 29 states. Frontier offers a variety of services to
residential customers over its fiber-optic and copper networks,
including video, high-speed internet, advanced voice, and Frontier Secure®
digital protection solutions. Frontier Business Edge™ offers
communications solutions to small, medium, and enterprise businesses.
More information about Frontier is available at www.frontier.com.
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Frontier Communications Corporation
Investors:
Luke
Szymczak, 203-614-5044
Vice President, Investor Relations
luke.szymczak@ftr.com
or
Media:
Brigid
Smith, 203-614-5042
AVP, Corp. Comm.
brigid.smith@ftr.com
Source: Frontier Communications Corporation