Active Power shareholders okay 5-for-1 reverse stock split
Dec 19, 2012 - US back-up power solutions provider Active Power (NASDAQ:ACPW) today said its shareholders have given the go-ahead to a five-for-one reverse share split.
Completion is expected by the end of this month, Active Power said.
Vie the split the company aims to regain compliance with the minimum bid price rule of the Nasdaq Capital Market in the middle of January.
Active Power previously had until December 17 to reach the minimum closing bid price of USD 1 (EUR 0.752) per share for no less than 10 prior consecutive days to maintain the listing of its common stock on the bourse. It failed to satisfy the criteria but plans to appeal and request a hearing with the Nasdaq Listing Panel. Under the bourse's rules the delisting action will be onhold until the firm wraps up the hearing and the panel comes out with a decision.
Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.