Ashford.com stockholders approve 10-for-one reverse stock split
Shareholders of Houston-based Ashford.com have approved a ten-for-one reverse stock split, in which every ten outstanding shares of Ashford.com common stock will be automatically converted into one share of Ashford.com common stock, the company announced today.
The reverse split will be completed prior to the opening of trading on Oct. 15. The split is intended to bring the minimum bid price of its common stock above $1.00 per share, in accordance with the NASDAQ National Market`s continued listing requirements.
"We see this as one step in maintaining our listing status with the NASDAQ National Market," said David Gow, CEO of Ashford.com. "At the same time, we have implemented a broad number of changes that are improving our business performance significantly. We have lowered spending, divested unprofitable business units and increased focus on our most profitable opportunities. We believe we are on a very good trajectory."
Ashford stock earlier today was selling at 13 cents a share.
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