Audible Seeks Reverse Split: Subscription

Audible Seeks Reverse Split: Subscription audio service provider Audible is seeking shareholder approval for a reverse stock split of 1-for-5 to 1-for-10. If the reverse split is approved, Audible’s board would have the discretion to declare the split as well as the ratio. Audible, which provides Internet-delivered spoken audio content for playback on personal computers and mobile devices, said it may perform the reverse split to maintain its listing on the Nasdaq SmallCap Market. Audible doesn’t meet the minimum bid price requirement of $1 a share for continued listing, or the minimum shareholders equity, market value of listed securities and net income requirements, according to the filing.

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