Noranda completes 1-for-7 reverse stock split

Noranda Aluminum Holding Corporation announced today that it has effected a 1-for-7 reverse stock split of its common stock (the "reverse stock split") and a reduction in the number of authorized shares of its common stock from 200 million shares to 30 million shares (the "authorized share reduction"). The reverse stock split and authorized share reduction are addressed in an amendment to the company's amended and restated certificate of incorporation that was approved by the company's stockholders at a special meeting of stockholders held on August 24, 2015 and became effective on August 25, 2015.

The company's stock will begin trading on a split-adjusted basis at the market open on August 26, 2015. The company's common stock will continue to trade on the New York Stock Exchange under the symbol "NOR," although a new CUSIP number has been assigned to the company's common stock as a result of the reverse stock split.

As a result of the reverse stock split, the total issued and outstanding shares of the company's common stock has been reduced from approximately 70 million shares to approximately 10 million shares. No fractional shares have been issued in connection with the reverse stock split. Instead, each stockholder otherwise entitled to receive a fractional share is being issued, in lieu of such fractional share, an additional whole share of common stock. Holders of stock options, restricted stock and restricted stock units under the company's equity plans will receive, at the respective times of exercise or vesting of such instruments and in lieu of fractional shares, a cash amount based on the closing market price of company common stock on the date of such exercise or vesting. Accounts for participants in the company's employee stock purchase plan ("ESPP") currently include fractional shares; accordingly, ESPP participants will have fractional shares assigned to their accounts.