The stock was down 5% to just $1.04 by 3:15 p.m. ET. It is down 70% this year alone.
The wireline communications firm slashed its dividend by more than 60% in early May. The shares dropped 16% that day.
That’s also when it first announced the reverse stock split, which had to be approved by shareholders. Management wrote then:
The Board made its determination after considering a number of factors, including the recommendation of the Company’s financial advisor, target pricing, and feedback from stockholders and commentators. In addition to the reverse stock split, the proposal before Frontier stockholders would reduce the authorized number of shares of common stock from 1,750,000,000 to 175,000,000.
Frontier reports second quarter earnings August 1.