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Fleetwood Enterprises Inc.’s shareholders voted Tuesday (April 12) to double the number of the company’s authorized shares of common stock to 150 million, from 75 million.
Fleetwood, an RV and manufactured home builder, is in the process of converting some hybrid debt-equity securities into shares of common stock, and when the conversion is competed at the end of this month, Fleetwood will have raised its number of outstanding common shares to around 53.7 million, from 39.2 million.
No other actions were taken during Fleetwood’s special shareholders meeting Tuesday and the company did not outline its reason for doubling the number of its authorized shares. However, firms can use authorized but unissued shares as currency to pay for acquisitions if the company has a strong market price for its shares.
Fleetwood stock closed at $14.79 a share in New York Stock Exchange trading Tuesday.