YRC Shareholders Approve Reverse Stock Split

YRC Worldwide’s shareholders approved a reverse split that would boost its per-share price by rolling each 300 shares held into one share.

As a result, the less-than-truckload carrier’s outstanding shares would drop to about 6.8 million from nearly 2 billion, the company said.

The vote authorizes YRC’s board to make the change, which could raise the stock to about $12 per share, from the 3 cents per share closing price Wednesday.

A stock price increase removes the prospect of delisting on the Nasdaq National Market, which YRC faced because its stock had fallen below $1 a share for 30 days.

The split will be effective on the Nasdaq on Friday, when its ticker symbol will change temporarily from to “YRCWD,” from “YRCW.” It will revert back to YRCW on Jan. 3.

YRC Worldwide is ranked No. 4 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.

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Arkansas Voters Approve $575 Million for Highways

Arkansas voters on Tuesday overwhelmingly renewed a $575 million bond program to repair more than 400 miles of interstate highways, the Associated Press reported.

With results from 71 of the state’s 75 counties, the plan led by an 81% to 19% vote, and the package would not raise or lower taxes regardless of how the vote went, AP said.

Under the measure, 4 cents of the state's 22.5-cent diesel tax remain dedicated toward paying off the highway debt. Also, future federal transportation dollars will help pay off the state's debt.

Arkansas highway officials said the state’s roads need $23 billion worth of work, but that only $4 billion in funding is available, AP reported.

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