Swissray takes steps to avoid stock delisting

September 1, 1998

Swissray takes steps to avoid stock delistingDigital x-ray developer Swissray International of New York City will propose a reverse stock split at a shareholder meeting in late August. The split would bring the company into compliance with

Swissray takes steps to avoid stock delisting

Digital x-ray developer Swissray International of New York City will propose a reverse stock split at a shareholder meeting in late August. The split would bring the company into compliance with listing requirements on the NASDAQ stock exchange, according to documents Swissray filed with the Securities and Exchange Commission.

Swissray must maintain a minimum closing bid price of at least $1 a share to remain listed on the NASDAQ, but the company's stock price has been trading below that level for the last several months. NASDAQ gave the company until Aug. 6 to meet the minimum bid requirements, but the company's stock did not rise above $1 by the deadline and was trading at 41 in mid-August.

The reverse stock split would enable Swissray's stock to trade above the NASDAQ minimum bid requirements, according to the SEC documents. Swissray is pondering a split at a minimum ratio of 1-for-4 and a maximum ratio of 1-for-10. The split was scheduled to be proposed at a special shareholders meeting on Aug. 31 in New York City.