Wireless phone maker InfoSonics Corp. announced plans on Oct. 5 to conduct a 1-for-5 reverse stock split so it can retain its listing on the Nasdaq.
Shares of InfoSonics (Nasdaq: IFON) closed Oct. 4 at 38 cents.
The business manufactures and distributes wireless phones, tablets and accessories in Latin America, under the verykool brand. It sums up its products as “high-end contemporary design paired with impressive functionality at affordable prices.”
The split will be effective at the close of business Oct. 10. Shares will trade on a split-adjusted basis beginning Oct. 11. The reverse stock split will reduce the number of InfoSonics shares from approximately 16.9 million shares to approximately 3.4 million shares.
“The reverse stock split is intended to increase the market price per share of the company’s common stock to allow the company to maintain the listing of its common stock on the Nasdaq Capital Market,” InfoSonics said in a statement.
The business’ headquarters are in San Diego’s University Towne Center neighborhood.