City Center Pharmacy has 11,500 shares of stock outstanding with a par value of $1 per share and a market value of $10 a share. The company just announced a 3-for-7 reverse stock split. What will the market value per share be after the reverse stock split?
A) $4.29
B) $7.00
C) $10.00
D) $23.33
E) $25.21
Correct Answer:
Verified
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