|Divine board approves 1-25 reverse stock split|
CHICAGO, May 23 (Reuters) - Technology roll-up firm Divine, Inc., <DVIN.O> said on Thursday that its board authorized a 1-to-25 reverse stock split to take effect on May 29.
The company, which specializes in acquiring other companies to consolidate their technology, said it took the action to satisfy the Nasdaq minimum bid price requirement since it is subject to delisting from The Nasdaq National Market.
Divine said it received a Nasdaq Staff Determination letter on May 16, indicating that Divine's Class A common stock does not comply with the $1.00 minimum bid price requirement for continued listing on The Nasdaq National Market. The stock was trading at 24 cents on Thursday.
Divine has requested a hearing before a Nasdaq Listing Qualifications Panel to review the Staff Determination. A date for this hearing has not yet been established.
The company's stockholders approved the reverse stock split during the annual meeting on May 21.
05/23/02 16:48 ET