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twitterMego sets reverse stock split
Friday, July 30, 1999 | 11:24 a.m.
Mego Financial Corp. of Las Vegas, a timeshare seller and developer operating as Preferred Equities Corp., announced plans for a one-for-six reverse stock split.
The split is needed for Mego to meet the listing qualifications of the Nasdaq Stock Market's National Market system. Mego's stock has dropped below $1 per share in violation of Nasdaq requirements -- a reverse stock split would presumably result in higher per-share prices.
Mego said the company has achieved its planned operational and financial turnaround, returned to profitability for the quarter ended May 31 and expects to be profitable for the full year.
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