PurchasePro's board OKs stock split
PurchasePro, an e-commerce software company, said its board of directors has approved a reverse stock split that would convert each five shares of its common stock into one share, effective May 14. The company, whose shares have traded under $1 since mid-January, is making the move to avoid being delisted from the Nasdaq, PurchasePro Chief Executive Richard Clemmer said. Nasdaq-listed stocks that fall below $1 per share are at risk of being delisted from the exchange. The stock of the Las Vegas-based company traded above $60 in early 2000, before enthusiasm in e-marketplaces waned.
PurchasePro, an e-commerce software company, said its board of directors has approved a reverse stock split that would convert each five shares of its common stock into one share, effective May 14. The company, whose shares have traded under $1 since mid-January, is making the move to avoid being delisted from the Nasdaq, PurchasePro Chief Executive Richard Clemmer said. Nasdaq-listed stocks that fall below $1 per share are at risk of being delisted from the exchange. The stock of the Las Vegas-based company traded above $60 in early 2000, before enthusiasm in e-marketplaces waned.