The move must receive shareholder approval at a June 22 annual meeting in Las Vegas. Approval is virtually guaranteed since Chairman and Chief Executive Michael Shustek controls more than 3 million of the company's 5 million outstanding shares of stock.
The stock split will ensure the company's position on the Nasdaq Small Cap stock market. In a March SEC filing, the company said it had fallen out of compliance for listing on the National Market.
The board also announced today that it will continue the suspension of its dividend program.
archive