In California, Pacific Ethanol announced a 1 for 7 reverse stock split, designed to prevent the company’s stock from being delisted from Nasdaq. Nasdaq rules require a stock to have a closing price of $1 or higher. The reverse split, which has been approved by shareholders, will reduce the number of shares in the company to 19.3 million, from 135.2 million. The stock symbol will change for twenty days to PEIXD to reflect the change.
More background on the story from the Digest
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