Shareholders of PenUltimate Approve Reverse Stock Split
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Stockholders of PenUltimate Inc., an Irvine software company, have approved a 1-for-2.5 reverse stock split for its 5.5 million shares of common stock and 210,000 shares of Series A preferred stock.
In a reverse stock split, a company reduces its number of shares to boost the price of the new, smaller number of shares, usually to make the stock more attractive to investors. In this case, 10 shares would be exchanged for 4 shares. The split has not yet taken place. The company’s shares closed at $1.875 in NASDAQ trading Monday.
PenUltimate designs software for sales and service people to use in the field with conventional portable computers and pen-based computers--which use an electronic “pen” to write on a computer screen.
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