May 24, 2002 : divine Approves Reverse Stock Split
📅 - Enterprise services firm divine Inc. (divine.com) said yesterday its board of directors had authorized a reverse stock split at a ratio of 1:25 in order to maintain the Nasdaq's minimum bid price requirement.
The company said it had set May 29 as the date for the split. "We continue to believe in the fundamental strength of our business and the extended enterprise market focus," said Andrew "Flip" Filipowski, divine's Chairman and CEO. "In addition, divine meets all other requirements for listing on The Nasdaq National Market. Although it is not possible to predict future market conditions, we believe that implementing a reverse stock split will result in a trading price above the $1.00 per share minimum bid price requirement." The company received a staff determination letter May 16 from the Nasdaq that said its common stock could be subject to de-listing for not meeting minimum bid requirements. Shares in divine were trading at 23 cents early Friday.
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