Altisource Portfolio Solutions (ASPS) said Tuesday it secured approval from shareholders for a reverse stock split to regain compliance with Nasdaq's $1.00 minimum bid price requirement.
Altisource said every eight shares will be consolidated into one share, reducing its outstanding shares to about 11.1 million from nearly 89 million. The share consolidation is scheduled to become effective on May 28.
Shares were down over 9% in recent trading.
Price: 0.80, Change: -0.08, Percent Change: -9.15
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