Commerce One shareholders approved a 1-for-10 reverse stock split, the company announced Friday. When it takes effect, after the close of business on Sept. 16, shareholders will own one share for every 10 that they owned before the reverse split, increasing the market price of their stock.
Commerce One, which was once a Wall Street business-to-business darling and initiated a 3-for-1 stock split in 1999, has seen its shares slip below $1 for the past several months. The reverse stock split could help the company avert a delisting from the Nasdaq, which requires companies' stock prices to remain above $1. The company's shares closed Friday at 34 cents, up about 1 cent, or 3 percent. The reserve stock split will take effect after the close of business on Sept. 16.