Cobalt International Energy to move forward with reverse stock split

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Houston-based Cobalt International Energy Inc. (NYSE: CIE) is moving forward with a 1-for-15 reverse stock split. The company’s board of directors approved the reverse split June 12, and it’s scheduled to take effect after the market closes on or about June 23. Trading on a split-adjusted basis would begin when the market opens on June 26. As no fractional shares will be issued in the reverse split, stockholders who would have been entitled to a fractional share of Cobalt’s common stock will…