In the world of reverse-splits, it rarely gets as dramatic as this. BroadVision of Redwood City said Friday it completed its 1-for-25 split, meaning that shareholders received one new post-split share in exchange for every 25 they owned. Fractional shares will be paid out in cash.
The change will be reflected when the markets open Monday. Broadvision shares (ticker:BVSN) closed Friday at 48 cents each, which will be equal to $12 now based on the reduction in shares outstanding.
“We are pleased to have completed the reverse stock split, which we hope will allow us to satisfy the minimum bid price requirement for re-listing on the Nasdaq global market,” said Broadvision’s chief financial officer, Shin-Yuan Tzou, in a statement.
BroadVision, which develops Web site applications for business, previously had its stock quoted in the Pink Sheets from March 8, 2006 to May 24, 2007. Since then, they have traded on the OTC Bulletin Board.