NexPrise shareholders OK reverse split
NexPrise, a provider of online project management software for businesses, said Friday that company shareholders approved a reverse stock split that would convert each 15 shares of its common stock into one share effective Monday. The Carlsbad, Calif.-company, formerly called Ventro, was once a high-flying e-marketplace company with a stock that traded above $200 in early 2000. Now, shares of the beleaguered company trade for less than 50 cents. Typically, companies initiate reverse splits to bolster the price of their shares. Stocks on the Nasdaq that fall below $1 per share are at risk of being delisted from the stock market.
NexPrise, a provider of online project management software for businesses, said Friday that company shareholders approved a reverse stock split that would convert each 15 shares of its common stock into one share effective Monday. The Carlsbad, Calif.-company, formerly called Ventro, was once a high-flying e-marketplace company with a stock that traded above $200 in early 2000. Now, shares of the beleaguered company trade for less than 50 cents. Typically, companies initiate reverse splits to bolster the price of their shares. Stocks on the Nasdaq that fall below $1 per share are at risk of being delisted from the stock market.