Nov 6, 2012 - US back-up power solutions provider Active Power (NASDAQ:ACPW) on Monday unveiled plans for a five-for-one reverse share split in a bid to regain compliance with the minimum bid price rule of the Nasdaq Capital Market.
Active Power expects the reverse split of its common and preferred shares to increase the trading price of its stock. On or before December 17, the company must have a minimum closing bid price of USD 1 (EUR 0.775) per share for no less than 10 prior consecutive days to maintain the listing of its common stock on the bourse.
The reverse split needs shareholder nod and other approvals. The date and other details of the shareholder meeting will be announced to shareholders of Active Power later, it said.
Active Power expects to complete the reverse split by the end of the current quarter.