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Leapnet, a Chicago-based i-shop, is considering a five-to-one reverse stock split as a way to prop up its share price in time to stay listed on the Nasdaq National Market. The Nasdaq requires companies to trade at $1 for a minimum of 10 consecutive trading days. The agency’s shares, which last closed at $1 on Feb. 2, were trading at 48 cents on Friday.
According to a filing with the Securities and Exchange Commission on Friday, the proposal first must be approved by shareholders at Leapnet’s June 5th annual meeting.
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