The company plans to amend its certificate of incorporation on September 30, 2010 to implement a reverse stock split with a ratio of 1:25. The reverse stock split will be effective on the NASDAQ exchange on October 1, 2010. The reverse stock split will reduce the number of authorized common shares to 80 million from the current 2 billion and reduce the number of outstanding common shares to approximately 48 million from the current approximately 1.2 billion.
Looks like we got Burned in this deal...Left 20k shares in to see what happens in the AM, looks like its going back to .11..I guess now I see why the shorts held out...Someone knew this was going to happen as I stated yesterday should have sold on Friday late evening.. :(
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