E-services company, Organic, in an apparent attempt to help push its stock price back over the dollar mark and avoid being delisted by Nasdaq, is set to ask shareholders to approve a reverse stock split during a special meeting on Oct. 19.
Organic anticipates, pending shareholder approval, the reverse stock split would be implemented before the end of October, according to papers filed this week with the Securities and Exchange Commission. No ratio has been set as of the company's SEC filing.
San Francisco-based Organic's board also voted this week to postpone the company's annual meeting until Dec. 14, according to the SEC filing.
In early July, Organic appealed the Nasdaq Listing Qualifications Panel's decision to delist the company for failing to meet minimum bid-price requirements. Since that time, Organic's stock has continued to trade at less than $1 and closed trading Thursday at 31 cents per share.
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