Unisys seeks stock split to avoid delisting
Unisys Corp. says it will undertake a reverse stock split to try to bolster its sagging per-share price to comply with New York Stock Exchange requirements that shares close at a minimum of $1 over 30 consecutive trading days.
Unisys Corp. says it will undertake a reverse stock split to try to bolster its sagging per-share price to comply with New York Stock Exchange requirements that shares close at a minimum of $1 over 30 consecutive trading days.
The stock, which has ranged in price from 38 cents to $5.24 in the last 52 weeks, was trading this afternoon at 57 cents, down almost 2 cents from its previous close.
The Blue Bell-based computer program developer said it would seek approval at its annual shareholder meeting, in the first half of 2009.
The ratio of the split had not been determined, the company said in an SEC filing.
The company received a delisting notice Thursday.
Rite Aid Corp. shareholders approved a reverse stock split last week; the board will determine the rate and effect the split by Feb. 28.