Corvis Board Seeks Authorization For Reverse Stock Split
Monday March 24, 5:42 pm ET
WASHINGTON (Dow Jones)--Corvis Corp. board is seeking shareholder approval for authorization to carry out a reverse stock split, according to a proxy filed Monday with the Securities and Exchange Commission (News - Websites).
According to the filing, the board would be authorized to carry out a reverse stock split of 1-for-20, 1-for-25, 1-for-30, 1-for-35 or 1-for-40.
The filing said the company aims to increase the stock price through the reverse split and return to trade on Nasdaq National Market. The company's stock was transferred to the Nasdaq SmallCap market from the Nasdaq National market Oct. 14, 2002.
Shares of Corvis closed Monday at 59.5 cents, up 0.5 cent.
According to the filing, if the bid price of the company's stock reaches and then maintains the $1-a-share requirement for 30 consecutive trading days, the company may be eligible to return to the Nasdaq National Market.
The board could carry out the reverse split at any time before July 31, 2004, the filing said.
Shareholders are scheduled to vote on the proposal May 9 in Baltimore.
Corvis is a telecommunications company.
- Ben Siegel; Dow Jones Newswires; 202-628-7689 |
