Private Media To Reverse Split 1-For-3

by EIN on 2010/03/12

in economy

March 12, 2010 (FinancialWire) Private Media Group, Inc. (NASDAQ: PRVT) said it plans to effect a reverse split of the companys common stock in the ratio of one-for-three.

The reverse stock split will be effective following the close of the NASDAQ Global Market on March 11. The companys common stock will begin trading on the NASDAQ Global Market at the market opening on March 12, 2010 on a split-adjusted basis.

To denote the reverse stock split the companys common stock will trade under the symbol PRVTD for a period of 20 trading days. After 20 trading days the companys common stock will resume trading under the symbol PRVT.

On September 15, 2009, Private Media received a letter from the NASDAQ Stock Market advising that it was not in compliance with the minimum bid price rule, and providing a grace period of 180 days, until March 15, 2010, to regain compliance with the minimum bid price rule for at least 10 consecutive trading days before the common stock would be subject to delisting procedures.

As of March 11, 2010, the company had not regained compliance with the minimum bid price rule, and it said it will not be in compliance with this rule until the common stock achieves a closing bid price of $1 for at least 10 consecutive trading days.

Spain-based Private Media Group is engaged in the adult entertainment market, operating a distribution network with a range of platforms including mobile telephone handsets via 104 network operators in 45 countries, digital TV via 38 platforms in 24 countries, broadband Internet, television broadcasting, DVDs and magazines.

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