INDIANAPOLIS—Brightpoint Inc. received notice from Nasdaq that it is not meeting the required $1 minimum bid price, and consequently Brightpoint is submitting for stockholder approval a one-for-seven reverse stock split.
If Brightpoint’s stockholders approve the split, the company said it believes it will be able to comply with the Nasdaq rule. Shares of Brightpoint are trading at around 60 cents.
The stockholder’s meeting is set for June 26.
