ATLANTA-Messaging services company Glenayre Technologies Inc. announced it will seek stockholder approval for a reverse stock split of either one-for-three or one-for-five. The company said the move could help it meet the minimum $1 bid price required for continued trading on the Nasdaq National Market.
“Although our stock price has been negatively impacted by current market conditions, including the war with Iraq and the continuing weakness in the telecommunications sector, Glenayre is well positioned to perform strongly when the market recovers,” said Eric Doggett, the company’s president and chief executive officer.
