Reverse Stock Split for Irvine Sensors
Irvine Sensors Corp. shareholders approved a 1-for-20 reverse stock split, which takes effect today, in response to Nasdaq warnings that the shares could be delisted for falling below the $1 minimum price requirement.
The Costa Mesa electronics products maker’s stock, which has lost more than 88% of its value this year, closed Tuesday at 14 cents, off 4 cents a share, on the Nasdaq SmallCap market.
Nasdaq had warned the company in August that its stock must trade at more than $1 a share for 10 consecutive trading days before Oct. 10 to prevent delisting.
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