First BanCorp announced Thursday — at the request of the New York Stock Exchange — that it is not aware of any developments that would account for the market activity in the corporation’s common stock today.
First Bank’s parent company’s stock had surged by 13.4 percent to $7.18 by midday trading, maintaining the momentum it has been gaining since announcing a 1-for-15 split of its common shares effective Jan. 7.
Through the transaction, the bank reduced the number of outstanding shares of common stock from approximately 320 million to some 21 million. The move was done in an effort to improve its chances to remain listed on NYSE and improve its finances.
First BanCorp was already under surveillance, as it had been trading at less than the mandatory $1 per share minimum NYSE requirement.
Its unusually high trading volume in recent weeks had sparked talks of a possible sale. However, the company has not addressed the issue publicly.
Business reporter with 25 years of experience writing for weekly and daily newspapers, as well as trade publications in Puerto Rico. My list of former employers includes Caribbean Business, The San Juan Star, and the Puerto Rico Daily Sun, among others. My areas of expertise include telecommunications, technology, retail, agriculture, tourism, banking and most other areas of the economy.