Reverse Stock Split OKd for Tickets.com
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Tickets.com Inc. shareholders have approved a 1-for-8 reverse stock split, a move aimed at pushing the Costa Mesa company’s shares above the minimum price required to retain their Nasdaq listing.
The reverse split will be completed prior to the opening of trading on Monday, according to the company, a provider of entertainment, sports and travel tickets. In the process, every eight outstanding shares of common stock will be converted into one share.
The shares, which this year have been trading below the $1 minimum required for continued listing, fell 2 cents to 27 cents. The stock has lost 92% of its value over the past year.
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