New Fortress Energy Shares Dip Under 60 Cents Ahead of Key Reverse-Split Vote
New Fortress Energy Inc. dropped to a session low of 55.79 cents early Thursday, putting the LNG company down 3.8% from Wednesday's close and giving it a market value near $159 million. The shares started at 58 cents, briefly hit 60 cents, and then lost that ground. LNG is natural gas turned to liquid for transport. Shares slipped a day after New Fortress put out its definitive proxy for the June 17 annual meeting. Investors are set to vote on a 1-for-50 reverse stock split, a major share-issuance plan, and more restructuring moves. The reverse split would boost the stock price per share without changing the company’s total value. Chairman Wesley R. Edens told shareholders to “vote today” by internet,