ClearOne (CLRO) said Wednesday that it plans to implement a 1-for-15 reverse stock split of its issued and outstanding common shares on June 2, subject to shareholder approval at a special meeting on May 30.
The company said the reverse stock split is primarily intended to increase its per-share market price to regain compliance with Nasdaq's minimum bid price requirement.
If approved, the reverse stock split will reduce the number of the company's outstanding shares to about 1.7 million from 26 million.
Shares of ClearOne were down nearly 5% in after-hours trading.
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