SAN FRANCISCO (Thomson Financial) - Velocity Express Corp. said Thursday its
board authorized a 1-for-15 reverse stock split, effective Friday.
The Westport, Conn.-based logistics company said the reverse split will
reduce the number of its outstanding shares to roughly 2.8 million from 42.5
million.
Velocity said the move is intended to help it satisfy Nasdaq's continued
listing requirements.
Velocity's common stock will begin trading on the Nasdaq on a split-adjusted
basis when the market opens on Friday under the temporary symbol "VEXPD." The
trading symbol will revert to "VEXP" after roughly 20 trading days.
Shares of Velocity Express were down 2 cents at 28 cents.
Gabriel Madway
gm/jw
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