Hallmark Financial Services Reports Reverse Stock Split

Fort Worth, Texas-based property/casualty insurer, Hallmark Financial Services Inc., announced a one-for-six reverse split of all issued and unissued authorized shares of its common stock effective as of the open of trading on July 31, 2006.

Hallmark also announced a corresponding increase in the par value of its authorized common stock from $0.03 per share to $0.18 per share.

After effecting the reverse stock split, Hallmark’s total authorized capital stock will consist of 33,333,333 shares of common stock, of which 17,759,770 shares will be issued and outstanding.

Hallmark Financial Services engages primarily in the sale of property/casualty insurance products. The company’s business involves marketing, distributing, underwriting and servicing commercial insurance in Texas, New Mexico, Idaho, Oregon, Montana, Louisiana, Oklahoma and Washington; marketing, distributing, underwriting and servicing non-standard personal automobile insurance in Texas, New Mexico, Arizona, Oklahoma and Idaho; marketing, distributing, underwriting and servicing general aviation insurance in 48 states; and other insurance related services.

Source: Hallmark Financial Services Inc.

Topics Texas