Nichols Institute Stockholders Approve New Class of Shares
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Nichols Institute said its stockholders approved the issuance of a new class of non-voting common stock, as well as a 1-for-2 reverse split of its common stock and Class B common stock.
That means, for example, that 100 Nichols shares will be exchanged for 50 shares.
For the record:
12:00 a.m. May 25, 1991 For the Record
Los Angeles Times Saturday May 25, 1991 Orange County Edition Business Part D Page 2 Column 6 Financial Desk 2 inches; 39 words Type of Material: Correction
Stock split--A Thursday Business story incorrectly explained a 1-for-2 reverse stock split at Nichols Institute in San Juan Capistrano. The split will mean that 100 Nichols shares will be exchanged for 50 shares of Nichols common stock plus 50 shares of a new Class C common stock.
Albert L. Nichols, chairman and chief executive, said the new class of shares is expected to help the company use equity financing in the expansion of its business operations.
Nichols Institute, based in San Juan Capistrano, provides medical diagnostic and clinical testing and manufactures medical diagnostic test kits.
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