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Re: boston745 post# 8861

Thursday, 06/29/2017 8:36:28 AM

Thursday, June 29, 2017 8:36:28 AM

Post# of 41366
I don't think they need shareholder approval for a reverse split. This is what I found:

Costs and Documentation
Reverse stock splits are costly and require detailed filings with the respective stock exchange. NASDAQ requires a minimum of 15 days advance notice before the split takes effect and charges a $7,500 fee. The company must indicate in its notice whether the split was voted on and approved by shareholders or a vote of the company board. The United States Securities and Exchange Commission, which oversees corporate stock activity, indicates that shareholder approval is not required for a reverse stock split, but companies can instead notify shareholders of the move on its 8-K, 10-Q and 10-K form filings. Additional items included in the exchange filing are the ratio of the split, changes in outstanding shares and par value of the stock and any amendments to company articles of incorporation.

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