Horizon Bancorp (HBNC), a commercial bank holding company, declared a 3-for-2 stock split on Horizon’s authorized and outstanding shares of common stock.
Shareholders of record as of the close of business on Oct. 31, the record date, will be entitled to receive an additional half share for each share of common stock held.
Shareholders will receive cash in lieu of any fractional share of common stock that they otherwise would have been entitled to receive in connection with the split.
The additional shares issued in the stock split are expected to be distributed to shareholders on Nov. 14.
Horizon common shares are expected to begin trading on a split-adjusted basis on or about Nov. 15.
The stock split will increase Horizon’ outstanding shares from 14.8 million shares prior to the split to 22.2 million shares.