Electronics contract manufacturer Sanmina-SCI said Wednesday it would seek approval from shareholders to enact a reverse split of its stock “”within a range of one-for-three to one-for-ten, with the final ratio to be determined by the Board of Directors following stockholder approval,” which the company plans to seek at a special shareholders meeting in September.
No reason was given for the possible reverse split. Sanmina-SCI shares hit a 52-week low of $1.05 last week. The jumped 7.5 percent in after-hours trading Wednesday after the company reported sales for its third-quarter of $1.9 billion. In April the company had forecast sales of as much as $1.875 billion, according to Bloomberg.