Live Entertainment Trading on OTC Bulletin Board

Live Entertainment Inc., a Van Nuys videocassette distributor suspended from trading its stock on the New York Stock Exchange last month because it fell below certain minimum financial criteria, said its common stock has begun trading on the National Assn. of Securities Dealers’ OTC Bulletin Board.

The company also said its board of directors approved a one-for-five reverse stock split, a move that companies take to boost the value of individual shares. Live’s closing bid price Nov. 1, the day it made the announcement, was 50 cents a share. Live said it intends to apply for its common stock to be listed on the NASDAQ Small Cap Market, which requires a minimum bid price of $3 a share.

Live’s Series B preferred stock is now listed on the NASDAQ Small Cap Market.

A majority of Live’s common stockholders and holders of its Series C preferred stock must approve the reverse stock split for it to take effect. Live said Pioneer LDCA Inc., which owns more than 50% of the combined voting interest of Live’s common stock and Series C preferred stock, has indicated that it will support the reverse stock split.