In an effort to stave off delisting from the Nasdaq stock exchange, the board of directors of vascular radiotherapy firm Novoste of Norcross, GA, has approved a one-for-four reverse stock split of its common stock.
As a result each four shares of common stock will be exchanged for one share of common stock, and the total number of shares outstanding will be reduced from approximately 16.3 million shares to approximately 4.1 million shares, Novoste said. The reverse stock split will be effective November 4.
The vendor said it had received a staff determination letter from the exchange earlier this month that the company's stock had not regained compliance with the $1 minimum bid price continued listing requirement. As such, Novoste shares are subject to delisting as of October 28.
By AuntMinnie.com staff writers
October 26, 2005
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