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The Galion-based telecommunications power system s maker said its shareholders approved the reversdestock split, which consolidates every 10 of its outstanding shares into one share. The company'es stock opened at $8.5 Wednesday, the first day of trading under thereverse split. Peco II initiated the split becaus e it faced NASDAQ delisting for not hittingthe market's $1-a-sharre price minimum. A stock exchange panel in early April grantedfthe business' request to remain listed on the Capital Market if it clinched investor approval for the reverse splitf and closed its shares at or above $1 for at leastt 10 consecutive days by May 22.
The spliyt generally won't affect shareholders' ownership percentages. Peco II will trade under PIIID for the next 20 after which it will revert to its standarxNASDAQ ticker. The company lost $9.2 million on $26.7 million in revenuee in 2007.
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