Raytel implements reverse stock split

On May 23, in hopes of boosting its stock price above the minimum $1 per share required to keep its Nasdaq listing, Raytel Medical underwent a one-for-three reverse stock split. Doing so reduced the number of outstanding shares of common stock from approximately 8.8 million to 2.9 million. Shareholders have been asked to return their stock certificates representing shares of the old common stock. They will be given cash, based on the May 23 closing price, in lieu of any fractional shares. On May 24, trading closed at $1.8 per share. The upward swing continued, with Raytel closing May 30 at $2.25.