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Reverse stock split goes into effect

Monday, July 26, 2004 | 10:48 a.m.

Las Vegas-based Vestin Group Inc.'s 1-for-2 reverse stock split went into effect prior to the market's opening Friday.

The move cut by half the number of shares outstanding and drove the price to $3.50 on Friday. The stock -- which trades on the Nasdaq Small Cap market -- was down 50 cents to $3 per share this morning.

Vestin founder and Chief Executive Michael Shustek controls more than 60 percent of the company's thinly traded stock.

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