Software maker Interwoven, a specialist in content management products that catalog business assets such as documents and Web text, announced plans Wednesday for a 4-for-1 reverse stock split. Shareholders will vote on the proposal at a special meeting later this year to approve the company's.
Interwoven CEO Martin Brauns said in a statement that the reverse split would raise the company's stock price enough to make it more attractive to institutional investors. Interwoven has traded between $2 and $3 a share for most of the past year. If approved, the action would reduce Interwoven's outstanding shares from 106 million to 26.5 million.