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Shares of Vuzix Corp.’s stock were trading at $6.75 Wednesday after a reverse stock split went in effect.
The Henrietta-seller of video eyewear products announced Tuesday it received all necessary regulatory approvals for a reverse split of its issued and outstanding stock.
Initial plans for the split were announced in October and approved at a special meeting of the company’s shareholders in late November.
In October, Vuzix said the split—on a 1 to 75 basis—was intended to increase the price of the company’s common stock. Vuzix has been trading on the Toronto Stock Exchange since 2010. In December, the company announced its intentions to apply for listing on the Nasdaq Stock Market.
To be listed on Nasdaq, Vuzix must meet the minimum requirements that include having an initial bid price of at least $4 a share and maintain a continued price of at least $1 a share.
The company’ stock was trading at 10 cents a share before the split on the Toronto Stock Exchange.
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