2/26/2013 – Shares of First Security Group (FSGI) stock dropped -24.37% today, making it the biggest decliner on the Nasdaq. Over the last two years, the company's stock has dropped by 71%.
FSGI’s management reported today that the company will be restructuring its business operations. First Security Group (FSGI)'s managment also announced that they were entering into a “definitive stock purchase agreements with institutional investors as part of an ~$90 million recapitalization. The Recapitalization is priced at $1.50 per share and was unanimously approved by the board of directors”.[related1][/related1]