Reverse Stock Split at Tivoli Takes Effect
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Tivoli Industries in Santa Ana said a reverse 1-for-3 stock split, approved by the board earlier in an effort to boost the price above $1 and avoid losing its Nasdaq listing, is scheduled to take effect today at the close of business.
Nasdaq has warned the company that its stock will lose its listing on the Nasdaq SmallCap market if the shares continue to trade below $1.
The stock has been trading below $1 a share since Aug. 4. The shares, which hit a low of 28 cents in October, rose 6 cents Thursday to 75 cents.
In a reverse split, the total number of shares have the same market value as before, but each share is worth more.
Tivoli, which makes specialty lighting and related products, is one of several companies wrestling with tougher listing standards imposed last year by Nasdaq.
The company said it believes it complies with all listing requirements except the $1 minimum trading price.
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