Reuters - Online advertising firm 24/7 Media said today it would seek shareholder approval for a reverse stock split, in an effort to avoid being delisted from Nasdaq.
The company said its
board of directors has yet to decide if or when the split would occur, and the ratio of the split.
It expects to mail proxy statements in approximately two weeks.
According to Nasdaq rules, a
company must maintain a minimum bid price of $1 a share. 24/7 shares have not traded above $1 since March. Shares closed at 17 cents on Tuesday.
The company has struggled amid the overall downturn
in the advertising market and the evaporation of dot-com ad revenues.