Jul 12, 2011
Delta Petroleum (NASDAQ:DPTR) announced that its shareholders have approved an amendment of the company's certificate of incorporation to affect a reverse stock split at an exchange ratio of one-for-ten, and to reduce the number of authorized shares of common stock from 600 million to 200 million.
The reverse stock split will be effective at the opening of trading on July 13. Upon effect of the reverse stock split, the stock will trade with a "D" next to the symbol "DPTR" for 30 calendar days to signify the reverse stock split has occurred. With the effect of the reverse stock split, the company expects to satisfy NASDAQ's continued listing requirements.
Delta Petroleum is currently below its 50-day moving average (MA) of $0.63 and below its 200-day MA of $0.77.
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