YRC Board of Directors Approves Reverse Stock Split
YRC Worldwide Inc. held its Annual Meeting of Stockholders Nov. 30, in Overland Park, Kan., where the company's board of directors to effect a reverse stock split of YRC Worldwide's common stock
YRC Worldwide Inc. held its Annual Meeting of Stockholders Nov. 30, in Overland Park, Kan., where the company's board of directors to effect a reverse stock split of YRC Worldwide's common stock.
Security holders also authorized the board to proportionately reduce the number of authorized shares of common stock with the ratio and timing of implementation of the reverse stock split at the discretion of the company's board of directors.
The company plans to amend its certificate of incorporation on December 1, 2011 to implement a reverse stock split with a ratio of 1:300. The reverse stock split will be effective on the NASDAQ exchange on December 2, 2011, at which time the company's ticker symbol will temporarily change from "YRCW" to "YRCWD" in accordance with NASDAQ rules.
The ticker symbol will revert back to "YRCW" on January 3, 2012. The reverse stock split will reduce the number of authorized common shares to approximately 33.3 million from the current 10 billion and reduce the number of outstanding common shares to approximately 6.8 million from the current approximately 2 billion.
"The reverse stock split is an important step in bringing the company into compliance with NASDAQ listing rules and enhances our position as a publicly held company," said James Welch, chief executive officer of YRC Worldwide. "Now we can focus our attention on serving our customers and providing them with exceptional service."
During the meeting, security holders also approved the election of seven members of the company's board of directors, the company's 2011 Incentive and Equity Award Plan, and (by non-binding vote) the compensation paid to the company's named executive officers as described in the company's proxy statement.
Also approved was a proposal to provide security holders with an advisory vote on named executives' compensation every year, and the ratification of the appointment of KPMG LLP as the company's independent registered public accounting firm for 2011.
The final voting results will be disclosed in a current report on Form 8-K to be filed with the Securities and Exchange Commission after the voting results are certified by an independent inspector of elections.
More Drivers

How Fraley & Schilling Improved Logbook Compliance by Over 50%
Fraley & Schilling needed a way to close a compliance workflow gap in its ELD system without adding more work from driver training, reminders, and back-office follow-ups. It found the answer in a custom driver app.
Read More →
Volvo Goes Gaming
Volvo has roared into American Truck Simulator with two new flagship trucks.
Read More →
What the Best Fleets to Drive For Teach About Driver Retention
Survey fatigue, AI-powered routing, owner-operator expectations, and the decline of social media all emerged as themes from this year's Best Fleets to Drive For program.
Read More →
Driver Retention Lessons From the Best Fleets to Drive For
What separates trucking's best workplaces from the rest? Jane Jazrawy shares the biggest lessons from this year's Best Fleets to Drive For program on driver retention, communication, AI, and workforce trends on the HDT Talks Trucking podcast.
Read More →
Farewell, CDL: Why I'm Giving Up My Commercial Driver's License
After more than 20 years as a CDL holder, HDT Executive Editor Jack Roberts is letting his commercial license expire. Not because he wants to — but because trucking's nuclear verdict crisis has made the risks of public-road test drives too great for editors, manufacturers, and everyone involved.
Read More →How Top Trucking Fleets Improve Driver Retention [Video]
What do healthy snacks, optimized routing, and just picking up the phone have in common? They're all strategies the Best Fleets to Drive For are using to retain truck drivers.
Read More →
Trucker Path Adds Verisk CargoNet Theft Data to Navigation Platform
Trucker Path’s new cargo theft risk overlays give drivers and fleets visibility into high-risk areas, stolen commodity trends, and theft hotspots.
Read More →
Netradyne Intelligence Uses New AI Agents to Automate Response to In-Cab Camera Data
The company called the next-generation in-cab camera safety platform "a fundamental shift from systems that report on what happened to systems that actively drive what should happen next."
Read More →
Why Truck Detention Keeps Costing Fleets Time and Money
A 2024 ATRI study found detention affects nearly 40% of truckload stops and costs the industry more than $15 billion annually. Despite the toll on drivers, fleets, and supply chains, the problem remains stubbornly persistent.
Read More →
Prime Inc. to Open $7.9M Flagship Used-Truck Dealership
A new driver-focused facility to sell Prime Inc's used trucks and trailers will be the first purpose-built location in the company's history.
Read More →
