Live Ventures, a diversified holding company, said on Friday it completed its 1-for-6 reverse split to broaden the appeal of the shares among institutional investors following a second acquisition in the past 18 months.
As a result of the reverse stock split, every six pre-reverse shares were combined and reclassified into one share of common stock, the company said. Fractional shares were rounded up to one share. The reverse stock split does not affect proportionate voting rights and other rights of common stockholders, it said.
Management continues to believe the stock is undervalued and the company continues to repurchase its shares in the market, it said.