Friday, January 8, 2010

Vitesse Looks To Regain Listing On NASDAQ, Eyes Reverse Split

Camarillo-based Vitesse Semiconductor said late Thursday that it has launched an effort to regain listing on the NASDAQ, starting with a reverse stock split. Vitesse, which has been on the Pink Sheets since dropping off the NASDAQ in June 2006 related to an investigation into the firm's stock options grant practices by the SEC, said the firm is seeking to regain NASDAQ relisting, to increase the opportunity for stock liquidity, as well as investor and analyst support. The firm said a Special Meeting of Stockholders authorized both the number of authorized shares of common stock and approval of a reverse stock split. The firm said the approvals will allow it to complete its debt restructuring and help it in its goal to get relisted on the NASDAQ. The firm said the company's board now is looking to a reverse split of between 1-for-20 and 1-for-50.