At a special meeting held yesterday, 3DO shareholders approved a one-for-eight reverse split of the company's common stock, in an attempt to raise the share price above $1 and prevent delisting from the Nasdaq market.
The company said that over ninety percent of the outstanding shares voted in favor of the proposal, and as a result, the reverse split will take effect at the close of business tomorrow. The company cautioned that the reverse split may not cause the stock price to increase to eight times it current price (which today is 20 cents); ultimately the trading price will depend on market conditions.
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