Reverse Split: Richey Electronics Inc. of Garden...

Reverse Split: Richey Electronics Inc. of Garden Grove said it has filed an amendment to its articles of incorporation in California, enabling it to proceed with a reverse stock split previously approved by shareholders.

Under terms of the stock split, each 3.5 shares of common stock outstanding at the close of business Dec. 30 automatically will be converted into one share of common stock. The company’s shares are traded in the over-the-counter market. Monday’s asking price was $1.50 a share.

Richey, a large electronics distributor formerly known as Brajdas Corp., said it plans to reincorporate in Delaware.