Wednesday, June 30, 2010

Vitesse Completes Reverse Stock Split

Camarillo-based high speed networking semiconductor firm Vitesse reported Wednesday afternoon that it has completed a 1-for-20 reverse stock split. The firm said it would start trading tomorrow on the split-adjusted basis. The firm had said in January of this year that it was pursuing a reverse split, in an effort to regain listing on the NASDAQ. Vitesse has been relegated to the Pink Sheets (VTSS.PK) after being delisted back in June 2006 due to a major issue with stock options backdating and restatements. That led to a major shakeup of the firm's management, a delisting from the NASDAQ, and a probe by the SEC. The firm has since hired a new management team and restructured the firm.