Xerox common stock will begin trading on a split-adjusted basis at market open on June 15, 2017. Xerox common stock continues to trade on the New York Stock Exchange under the symbol “XRX”, although a new CUSIP number (984121 608) has been assigned to the common stock because of the reverse stock split.
As a result of the spin-off of the company’s business process outsourcing business, now Conduent Incorporated, Xerox’s market capitalization was divided. Consequently, the company proposed the reverse stock split, which is intended to increase the per share trading price of Xerox common stock and should improve its liquidity and facilitate its trading.
In other words, they ran out of money and have no other option than to carve up their company to get back to something that resembles liquidity after Ursula crashed and “Burned”. (pun intended)