BARCELONA, Spain — Private Media Group, Inc. announced that it has filed a Certificate of Amendment to its Articles of Incorporation to effect a reverse split of the company's common stock in the ratio of one-for-three.
The reverse stock split was effective following the close of the NASDAQ Global Market on March 11, 2010, at 5:00 p.m., PST. The company's common stock will begin trading on the NASDAQ Global Market at the market opening on March 12, 2010 on a split-adjusted basis.
A company statement said that to denote the reverse stock split its common stock will trade under the symbol 'PRVTD" for a period of 20 trading days. After that time it will resume trading under the symbol "PRVT."
As a result of the reverse stock split, the company's shareholders will receive one new share of common stock in exchange for every three shares held. All fractional shares will be rounded up to the nearest whole share so that no cash will be payable in lieu of fractional shares.
Private received a letter from the NASDAQ Stock Market in September advising that it was not in compliance with the minimum bid price rule, and providing a grace period of 180 days, until March 15, 2010, to regain compliance with the minimum bid price rule for at least 10 consecutive trading days before the common stock would be subject to delisting procedures.
As of March 11, 2010, the Company had not regained compliance with the minimum bid price rule, and the company will not be in compliance with this rule until the common stock achieves a closing bid price of $1.00 for at least 10 consecutive trading days.
Further information at SEC.gov.
