Razorfish Proposes Reverse Stock Split

NEW YORK — In an attempt to maintain its listing on the Nasdaq stock market, Razorfish is seeking approval for a reverse stock split from its shareholders.

The New York-based i-shop was notified by the Nasdaq Thursday that it faced delisting because its shares failed to comply with the exchange’s minimum bid price requirement. That requirement calls for the company’s common stock to maintain a closing bid price in excess of $3 per share.

Razorfish stock (RAZF) was trading on the Nasdaq at 26 cents Monday, down four cents. Its 52-week high is $1.29 and 52-week low is 12 cents.

The reverse stock split, which will be proposed at the company’s next annual stockholders meeting in early or mid-July, calls for a conversion ratio of between one-to-ten and one-to-thirty to be determined by the board of directors. If approved, a reverse stock split would increase the stock’s price and in turn, would put Razorfish in compliance with Nasdaq requirements.

In the meantime, the company has requested a hearing before a Nasdaq Listing Qualifications Panel to review its status. During the appeal process, the company will continue to be listed. Should the panel decide to delist the company, Razorfish said it would apply to transfer its securities to the Nasdaq SmallCap Market.