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Article: Envoy reverse split on hold.
- Article from:
- PR Newswire
- Article date:
- June 16, 2003
CopyrightCOPYRIGHT 2003 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Envoy Communications Group Inc. (NASDAQ: ECGI; TSX: ECG), announced today that, due to the pending rule changes to The Nasdaq SmallCap Market listing standards, and specifically, the proposed elimination of the US$1.00 minimum bid price to maintain The Nasdaq SmallCap Market listing, it may not be necessary for Envoy to implement a reverse split of its common shares.
As a result of this rule, the minimum bid price of Envoy's shares would have had to close at US$1.00 or more for a minimum of 10 consecutive trading days before June 16, 2003 to avoid a decision by NASDAQ to delist its shares. Envoy elected not to implement the reverse split of its shares before June ...