's boardasked shareholders to vote in favor of the reverse stock split proposal, whichis essentially the same proposal they approvedin 2015, according to a preliminary proxy statement filed April 8.
Ifapproved, the board would be authorized to implement a reverse stock splitduring the 12-month period ending on the date of the 2017 annual meeting. Theboard would also be authorized to select a reverse split ratio within the rangeof 1-for-2 up to 1-for-10.
The board'sauthority to implement a reverse stock split under the proposal approved byshareholders in 2015 will expire at the 2016 annual meeting, which is set to beheld May 25. The proxy filing stated that because the trading price of thecompany's common shares is not substantially higher than Nasdaq Capital Market'slisting standards requirement of a minimum bid price per share of $1.00 andremains subject to significant fluctuations, the board believes it would beprudent to extend its authority to implement a reverse stock split if neededfor an additional 12-month period.
The March31 closing price of the Louisville, Ky.-based company's stock was $1.21 pershare, according to the filing.
Shareholdersof record as of the close of business on April 13 are entitled to vote at the2016 annual meeting.