NETE 1-10/1-30 RS vote (Naz)
08:56 AM EST, 11/18/2015 (MT Newswires) -- Net Element (NETE) said shareholders have approved a reverse stock split at a ratio of between 1 for 10 and 1 for 30 that will be decided by the company's directors in order to achieve compliance with Nasdaq's minimum bid price requirement.
On Tuesday, the company also reported its Q3 adjusted net loss widened to of $2.9 million from $2.2 million a year ago while narrowing to $0.04 per share from $0.06 a year earlier amid a higher share count. One analyst polled by Capital IQ had expected a net loss of $0.06.
Revenue more than doubled to $12.7 million from $6 million and exceeded one estimate of $8.3 million.
NETE is trading near the bottom of the 52-week range between $0.07 and $2.14.
Price: 0.08
The greatest deception men suffer is from their own opinions.
~ Leonardo da Vinci
